The agribusiness enterprise Johnvents Industries Limited has received a $23.3 million finance package offer from the International Finance Corporation to improve its cocoa processing activities and boost its export potential to international markets.
This was disclosed in a statement on Thursday, according to The Punch.
In the statement, it was revealed that the IFC’s $23.3 million facility consists of three loans: a $8.5 million loan from the IFC account, a $6.3 million loan equivalent in Nigerian Naira backed by the International Development Association’s Private Sector Window’s local currency facility, and a $8.5 million loan from the Global Agriculture and Food Security Programme’s Private Sector Window.
Additionally, it was disclosed that the facility will allow Johnvents to double its cocoa daily producing capacity —up to 120 metric tonnes—at its cocoa processing factory in Ondo State, thereby supporting the stable livelihood of farmers in its supply chain.
The Group Managing Director, Johnvents Industries Limited, John Alamu, said, “IFC’s partnership with Johnvents marks another giant step in our commitment to transform Nigeria’s cocoa sector and agriculture industry. This support will help strengthen our operations and energise our commitment to sustainability, traceability, and inclusive growth.
“By doubling our production capacity and increasing export potential, we aim to deliver more value to all stakeholders and significantly contribute to the nation’s economic diversification and development. We are immensely grateful for IFC’s support.”
As part of the agreement, IFC will also offer Johnvents advisory services to assist in boosting the proportion of women in its value chain.
IFC will also offer advice to Johnvents on how to improve the effective digitization and sourcing of its current processing capacity of cocoa-based products, including butter, cake, and powder for chocolates, confectionaries, and health products. Additionally, IFC will support the company’s ongoing sustainability and traceability program.
“Agribusiness plays a critical role in fostering value addition and diversifying Nigeria’s economy. IFC’s financing and advisory support for Johnvents will help strengthen the company’s operations, develop Nigeria’s cocoa sector, and sustain and create thousands of jobs,” said IFC Managing Director, Makhtar Diop.
Nigeria is one of the largest producers and exporters of cocoa in Africa.
Johnvent Industries explained that with IFC’s assistance, it would be able to expand into new markets, meet increased demand, and improve Nigeria’s competitiveness in the world cocoa market—all of which would increase export revenue.
By 2027, Johnvents hopes to have 100% traceable cocoa with at least 90% certification, as well as better traceability procedures for Nigerian cocoa produce destined for export.
