By Milcah Tanimu
The International Finance Corporation (IFC) has committed $23.3 million to Johnvents Industries Limited to enhance Nigeria’s cocoa processing capacity and boost exports. This investment aims to support Johnvents in expanding its operations and increasing its export capacity, which will positively impact the livelihoods of thousands of smallholder farmers.
Makhtar Diop, the managing director of IFC, announced the partnership on Wednesday via a post on X (formerly Twitter), emphasizing IFC’s dedication to growing agribusinesses in Nigeria and across Africa.
The IFC’s investment is structured to develop Nigeria’s cocoa value chain, which significantly contributes to the country’s non-oil exports. Diop highlighted that IFC’s loan would strengthen Johnvents’ operations and provide job opportunities for farmers, thus enhancing the overall cocoa sector.
The $23.3 million investment will allow Johnvents to expand its cocoa processing plant in Ondo State, doubling its production capacity to up to 120 metric tons of cocoa per day. This expansion is expected to ensure steady incomes for farmers within its supply chain