IFC Provides $23 Million Facility To Boost Johnvents Industries

IFC Provides $23 Million Facility To Boost Johnvents Industries....KINDLY READ THE FULL STORY HERE▶

Johnvents Industries, a prominent player in Nigeria’s agribusiness sector, has secured a significant financing boost from the International Finance Corporation (IFC) aimed at expanding its cocoa processing capabilities and enhancing global market access.

The financing package, totaling $23.3 million, includes multiple components tailored to bolster Johnvents’ operations. This includes an $8.5 million loan directly from IFC, complemented by a $6.3 million equivalent loan in Nigerian Naira under the International Development Association’s Private Sector Window. Additionally, an $8.5 million loan provided through the Global Agriculture and Food Security Programme’s Private Sector Window further supports this initiative.

The strategic deployment of these funds will facilitate the expansion of Johnvents’ cocoa processing plant located in Ondo State, doubling its current production capacity to 120 metric tonnes per day. This expansion not only aims to meet growing market demands but also promises to bolster local economies by providing stable incomes to farmers within Johnvents’ supply chain.

John Alamu, Group Managing Director of Johnvents Industries, expressed gratitude for IFC’s support, emphasizing its pivotal role in advancing Nigeria’s cocoa sector. He highlighted the investment’s potential to reinforce sustainability efforts, enhance operational efficiencies, and foster inclusive growth across the value chain.

Under the agreement, IFC will provide advisory services to promote gender diversity within Johnvents’ workforce and enhance its sustainability and traceability initiatives. These efforts underscore IFC’s commitment to supporting environmentally sound practices and improving operational efficiencies within Nigeria’s agricultural sector.

Moreover, the financing package will facilitate the adoption of a more sustainable energy generation system at Johnvents’ facilities, aimed at reducing emissions and supporting Nigeria’s broader decarbonisation objectives.

Johnvents Industries aims to achieve full traceability of its cocoa products by 2027, with a significant portion certified for international markets. This ambitious goal aligns with IFC’s commitment to promoting sustainable practices and enhancing the competitiveness of Nigeria’s cocoa industry on the global stage.

In conclusion, IFC’s partnership with Johnvents Industries marks a milestone in advancing Nigeria’s agricultural value chain, supporting economic diversification, and creating opportunities for sustainable development and job creation across the country.