IFC extends $23.3m to Nigerian cocoa processor
IFC extends $23.3m to Nigerian cocoa processor
The IFC and Johnvents Industries have partnered to expand the company's cocoa processing operations.
The International Finance Corporation (IFC) and Johnvents Industries Limited have announced a partnership to expand the company's cocoa processing operations and increase its export capacity to global markets.
IFC's $23.3 million financing package, which includes local currency funding in Nigerian naira, will allow Johnvents to expand its cocoa processing plant in Ondo State, Nigeria, and double its production capacity to up to 120 tonnes of cocoa per day.
"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 energise 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," said John Alamu, group managing director, Johnvents Industries Limited.
"Agribusiness plays a critical role in 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," said Makhtar Diop, IFC managing director.
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