IFC proposes investment in Nigerian cocoa processing company
The IFC has disclosed a proposed investment in the form of a senior secured A Loan of up to $23.3 million to Johnvents Industries, a Nigerian cocoa processing and trading company.
The investment will back the company’s $46.1 million expansion strategy, which includes: (i) ramping up cocoa processing to 120 metric tonnes daily; (ii) broadening gas power plant operations; (iii) acquiring new fleet assets; and (iv) boosting working capital.
Prior to setting up Johnvents, Alamu was working at The International Institute of Tropical Agriculture in the monitoring and evaluation team where he saw the gap in providing inputs and access to markets to farmers, hence the establishment of Johnvents.
The project will be situated within the company’s current operational grounds in Akure, the capital of Ondo State, Nigeria, which already houses the company’s warehouses and cocoa processing facilities.
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