Johnvents Group, a leading agribusiness and manufacturing conglomerate, has partnered with British International Investment (BII) in a $40.5 million deal aimed at enhancing Nigeria’s cocoa industry. The investment will expand the production capacity of Johnvents’ subsidiary, Premium Cocoa Products Ile-Oluji, from 13,000 to 30,000 metric tonnes annually, positioning Nigeria as a competitive player in the global cocoa market.
In a significant boost to Nigeria’s cocoa industry, Johnvents Group has secured a $40.5 million investment from British International Investment (BII), the UK’s development finance institution and impact investor. The funding will support the expansion of Johnvents’ subsidiary, Premium Cocoa Products Ile-Oluji, increasing its production capacity from 13,000 to 30,000 metric tonnes per year.
This landmark partnership aims to enhance Nigeria’s global competitiveness in cocoa exports, leveraging the country’s position as the world’s fourth-largest cocoa producer. Despite its immense potential, Nigeria’s cocoa export capacity remains underutilized, and this investment seeks to address critical bottlenecks in the sector.
British Deputy High Commissioner in Lagos, Jonny Baxter, highlighted the significance of the partnership, stating, “The UK is proud to back first-class sustainable investment that creates jobs and fosters mutually beneficial partnerships across Nigeria. Through this landmark agreement between BII and Johnvents Group, we look forward to the further growth of Nigeria’s cocoa industry and expanded export markets.”
John Alamu, Group Managing Director of Johnvents Group, emphasised the transformative impact of the investment. “At Johnvents Group, we are dedicated to building a sustainable and globally competitive agribusiness industry in Nigeria. The investment into the Premium Cocoa Products Ile-Oluji facility—one of our cocoa processing subsidiaries, coupled with our partnership with BII, represents a significant step forward in achieving this goal. This investment will not only boost our processing capabilities but also empower thousands of farmers and contribute to the overall economic development of Nigeria,” he said.
The partnership aligns with BII’s commitment to increasing investment in Black-owned and led businesses in Africa, which often face challenges in accessing capital. Benson Adenuga, BII’s Coverage Director and Head of Nigeria Office, stated, “We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry. Not only will this benefit local farmers, but also improve Nigeria’s trade balance and global competitiveness through increased exports. The investment underlines BII’s commitment to back ambitious Black-owned and led domestic champions that provide innovative solutions to key bottlenecks in strategic sectors.”
The investment is expected to create jobs, empower local farmers, and strengthen Nigeria’s position in the international cocoa market. By scaling up production and improving processing capabilities, Johnvents Group aims to meet growing global demand for cocoa products while contributing to the country’s economic development.
The $40.5 million investment by British International Investment in Johnvents Group marks a pivotal moment for Nigeria’s cocoa industry. By expanding production capacity and addressing critical challenges, this partnership not only enhances Nigeria’s global competitiveness but also empowers local farmers and drives economic growth. As Johnvents Group continues to innovate and scale its operations, the future of Nigeria’s cocoa industry looks brighter than ever.
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