The British International Investment (BII), the UK’s development finance institution, has announced a $40.5 million investment in Johnvents Group, an agribusiness and manufacturing firm, to boost cocoa production in Nigeria.

During a partnership agreement signed on Tuesday in Abuja, the subsidiary Premium Cocoa Products will receive support to enhance its production capacity to a maximum of 30,000 metric tonnes annually.

The BII’s $40.5 million investment is aimed at helping Johnvents Group improve its production efficiencies and move toward its target of achieving 100 per cent traceable cocoa by 2027.

At the signing event, Jonny Baxter, the British Deputy High Commissioner in Lagos, expressed that the UK is pleased to support high-quality, sustainable investments that generate jobs and foster mutually beneficial partnerships throughout Nigeria.

Benson Adenuga, coverage director and Head of the Nigeria office at BII, said that the collaboration would aid local farmers and enhance Nigeria’s trade balance and global competitiveness through increased exports.

Source: NEWSCENTRALAFRICA