February 20, 2025
Stakeholders in the agriculture sector, have assured that Nigeria can increase cocoa production to 900,000 to raise its earnings from about $3 billion to $9 billion as British International Investment (BII), the United Kingdom’s development finance institution and a Nigerian signed $40.5 million investment.
With Nigeria currently producing about 300,000 metric tons of cocoa yearly, the commodity has appreciated, trading at $10,198 per metric tonne.
At the signing ceremony in Abuja, Stakeholders, said Nigeria has what it takes to move from the current production of 300,000 to 900,000 metric tonnes given the country’s land advantage.
If properly implemented, the pact with Premium Cocoa Products, Ile-Oluji, a subsidiary of Johnvent Group, is capable of helping the firm increase production capacity from 13,000 to 30,000 metric tonnes per year.
British Deputy High Commissioner, Jonny Baxter, who spoke at the ceremony, said the deal was part of the commitment by the European country to invest in sustainable development in Nigeria economy.
Baxter said, the deal would drive job creation and economic growth, adding the investment would strengthen Nigeria’s cocoa industry and expand its export potential.
British International Investment, BII,s, Head of Nigeria Office, Benson Adenuga, emphasized that the investment would address key barriers to the sector’s growth, benefiting local farmers and enhancing Nigeria’s global competitiveness in cocoa production.
“We are committed to supporting black-owned and led businesses in Africa, ensuring they access the capital needed to scale and innovate,” he said.
Executive Director of the Cocoa Research Institute of Nigeria, Dr Patrick Adebola, hinted that the surging price of cocoa in the international market, is an incentive to increase production to about 900,000 metric tons per year.
He maintained that Nigeria has more than enough hectares of land to produce 900,000 metric tons and even more.
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“Today, cocoa farmers are smiling to the bank. By this time last year, the price of cocoa was about $1,800. Today, we know what the price is. And I can tell you that most small-scale farmers producing this important commodity are smiling at the bank. They are smiling to the bank,” he added.
The Managing Director, Johnvents Group, John Alamu, said the partnership was a major boost towards building a sustainable agribusiness.
“This investment empowers farmers, strengthens local processing and contributes to Nigeria’s broader economic development.
“We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry with a $40.5m investment. Not only will this benefit local farmers, but it will also improve Nigeria’s trade balance and global competitiveness through increased exports.
“The investment underlines BII’s commitment to backing ambitious Black-owned and led domestic champions that provide innovative solutions to key bottlenecks in strategic sectors,” he stated.
The Managing Director and Head of Africa at BII, Chris Chijiutomi, said agriculture accounts for a quarter of Nigeria’s gross domestic product (GDP) and employs over 70 per cent of its population.
