BII invests $40.5mn in Nigerian cocoa processor Johnvents

British International Investment (BII) has recently injected $40.5 million into Johnvents Group, a move aimed at expanding Nigeria's cocoa processing capacity. The investment will see Johnvents increase its cocoa production from 13,000 to 30,000 metric tonnes per year. The Managing Director and Nigeria Country Lead at BII, Benson Adenuga, discussed the strategic significance of this partnership and its potential impact on Nigeria's cocoa industry during a recent interview on CNBC Africa. Adenuga highlighted the importance of adding value to Nigeria's cocoa exports, which are currently largely in raw form, resulting in lost value. By enhancing production and processing capacity, the collaboration with Johnvents aims to boost the country's export capabilities and support small-scale cocoa farmers in improving their productivity. This move is expected to benefit Nigeria, Johnvents, and BII, aligning with the investment firm's broader strategy of fostering sustainable economic growth in the continent, particularly in the agriculture sector. Adenuga emphasized BII's commitment to supporting businesses with sustainable practices, such as traceability in cocoa sourcing to ensure ethical standards and alleviate concerns regarding child and slave labor in the industry. The investment in Johnvents is expected to help the firm achieve its traceability targets, with plans to certify 100% of its cocoa sourcing by 2027. Adenuga also discussed the anticipated impact of the investment, stating that besides increasing cocoa production volumes, the initiative will boost the value of Nigeria's cocoa exports, aligning with the country's efforts to diversify its export earnings beyond oil and gas. The expansion of Johnvents' operations in Eleology is poised to create employment opportunities and stimulate economic growth in the region. Additionally, the investment seeks to support farmers by providing them with resources to enhance their productivity, ultimately contributing to a positive chain reaction of economic benefits. Adenuga emphasized that evaluating the impact of the investment will involve metrics such as the value of processed cocoa products, employment generation, and traceability of sourced cocoa, underscoring BII's commitment to measuring tangible and measurable outcomes. The partnership between BII and Johnvents is poised to have far-reaching effects on Nigeria's cocoa industry, setting a precedent for sustainable and inclusive growth in the sector.