LAGOS (Reuters) - Johnvents, a Nigerian agribusiness and manufacturing firm, has gained $40.5 million from the UK's development finance institution to more than double its cocoa processing capacity to
UK Investment Boosts Nigerian Cocoa Processor Johnvents' Expansion
LAGOS (Reuters) - Johnvents, a Nigerian agribusiness and manufacturing firm, has gained $40.5 million from the UK's development finance institution to more than double its cocoa processing capacity to 30,000 metric tons annually.
Cocoa is among the biggest non-oil exports in Nigeria and largely grown by small-scale farmers in the south of the country.
Benson Adenuga, head of British International Investment's (BII) office in Nigeria, said the institution was providing long-term funding for the firm's plant in Ondo state.
"We're actually providing funding for them to acquire machines and refurbish and expand their factory," Adenuga told Reuters.
Johnvents exports processed cocoa butter and powder, including to Europe.
Adenuga said BII would also help the firm to have 90% of its cocoa certified under the Rainforest Alliance sustainability and traceability programme by 2027.
(Reporting by MacDonald Dzirutwe; Editing by Edwina Gibb)
