Firm partners IFC to boost cocoa production in Ondo
The International Finance Corporation (IFC), a member of the World Bank Group, has entered into a partnership with the Johnvents Industries Limited to boost cocoa production in the country.
It said the partnership with expand cocoa processing operations and increase the export capacity of Johnvents global markets.
Group Managing Director, Johnvents Industries Limited, John Alamu, said the IFC’s $23.3 million financing package would allow him expand the cocoa processing plant in Ondo State.
Alamu stated that the partnership would double the company’s production capacity to 120 metric tons of cocoa per day as well as provide steady incomes for farmers in its supply chain.
He said the partnership with IFC would ensure advisory services to Johnvents to help the company increase women’s participation in its workforce and across its value chain.
According to him, “IFC will also help strengthen the company’s ongoing sustainability and traceability program and advise Johnvents on enhancing efficient digitization and sourcing of its current processing capacity of cocoa-based products, including butter, cake, and powder for chocolates, confectionaries, and health products.
“As part of efforts to support Johnvents’ sustainability efforts, IFC’s financing package will enable the company to replace inefficient diesel generators and wood-based boilers with a new efficient power generation system that uses natural gas to produce electricity and thermal energy, resulting in fewer emissions.
“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 energize 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.”
IFC managing director, Makhtar Diop, said t agribusiness played critical role to 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.
“Johnvents has a target to achieve 100 percent traceable cocoa, with at least 90 percent certified, by 2027, and to improve traceability protocols for Nigeria’s cocoa produce for international markets.
“IFC’s financing and advisory support to Johnvents is part of its strategy to promote diversified, inclusive growth and job creation in Nigeria, and is part of its broader work in Africa to support sustainable agricultural practices, increase local capacity, and develop regional value chains and markets.”
