UK, Nigerian firm invest $40.5m to boost cocoa production

British International Investment (BII), the UK’s development finance institution, on Tuesday announced a partnership with a Nigerian agribusiness conglomerate to enhance cocoa production and exports with a $40.5 million investment.

The deal, signed in Abuja, is expected to overhaul the operations of Premium Cocoa Products, Ile-Oluji, in Ondo State, helping the firm, a subsidiary of Johnvent, increase production capacity from 13,000 to 30,000 metric tonnes per year.

Speaking at the company event, British Deputy High Commissioner Jonny Baxter described the move as part of the European country’s commitment to investing in sustainable development in Nigeria.

Such a move, Baxter said, would drive job creation and economic growth, adding that the investment would strengthen Nigeria’s cocoa industry and expand its export potential.

BII’s Head of Nigeria Office, Benson Adenuga, noted that the investment would address key barriers to the sector’s growth, benefiting local farmers and enhancing Nigeria’s global competitiveness.

“We are committed to supporting Black-owned and led businesses in Africa, ensuring they access the capital needed to scale and innovate,” he added.

Johnvents Group Managing Director, John Alamu, said the partnership is a major step in building a sustainable agribusiness sector.

“This investment empowers farmers, strengthens local processing, and contributes to Nigeria’s broader economic development,” he said.