Nigerian agribusiness giant Johnvents Industries Limited has secured a $40.5 million investment from the United Kingdom’s development finance institution to expand its cocoa processing capacity to 30,000 metric tons annually.
The investment aims to strengthen Nigeria’s position in the global cocoa market by enhancing local value addition and increasing export capacity.
The funding will help scale operations and drive industrialization within Nigeria’s agricultural value chain.
The expansion is expected to support the federal government’s economic diversification agenda by boosting non-oil exports and enhancing Nigeria’s share of the global cocoa market.
With the planned capacity increase, Johnvents is set to meet rising global demand for cocoa derivatives, including cocoa butter, powder and liquor.
The expansion will create jobs, promote local sourcing and integrate more smallholder farmers into the cocoa value chain.
The investment from the UK’s development finance institution reflects growing international confidence in Nigeria’s agribusiness sector and aligns with the UK’s strategy to drive sustainable economic growth in Africa through private sector investments.
By expanding its processing capacity, Johnvents will play a pivotal role in shifting Nigeria’s cocoa exports from raw beans to higher-value processed products.
This move is expected to significantly increase Nigeria’s earnings from cocoa exports, reduce post-harvest losses and support smallholder farmers with a stable market for their produce.
Johnvents’ expansion also positions Nigeria to capture a larger share of the $130 billion global cocoa and chocolate market, where processed products command higher returns than raw beans.
As the company advances its growth strategy, the investment is expected to enhance Nigeria’s competitive edge in the global cocoa industry and cement Johnvents’ position as a key player in Africa’s agribusiness landscape.
