The British International Investment (BII), the United Kingdom’s development finance institution (DFI), says it has invested $40.5 million in Johnvents Group, an agribusiness and manufacturing corporation.
Through the partnership signed on Tuesday in Abuja, Premium Cocoa Products, one of Johnvents Group’s subsidiaries, will be supported to increase production to its installed capacity of 30,000 metric tonnes per year.
The $40.5 million investment from BII aims to enable Johnvents Group to optimise production efficiencies and advance the company’s goal to achieve 100 percent traceable cocoa by 2027.
Speaking at the signing ceremony, Jonny Baxter, British deputy high commissioner in Lagos, said the UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria.
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“Through this landmark agreement between the UK’s development finance institution, British International Investment, and Johnvents Group, we look forward to further growth of Nigeria’s cocoa industry and increased export markets,” he said.
On his part, Benson Adenuga, coverage director and head of Nigeria office at BII, said the partnership will not only 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,” Baxter said.
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John Alamu, group managing director of Johnvents Group, said the investment into the Premium Cocoa Products Ile-Oluji facility, represents a significant step forward in achieving a sustainable agribusiness industry in Nigeria.
Alamu said the investment will not only boost the company’s processing capabilities but also empower thousands of farmers and contribute to the overall economic development of Nigeria.
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