The International Finance Corporation (IFC) has offered a $23.3m financing package to agribusiness group, Johnvents Industries Limited, to expand the company’s cocoa processing operations and increase its export capacity to global markets.
In a statement on Thursday, the IFC’s $23.3m facility includes an $8.5m loan from the IFC’s account, a $6.3m loan equivalent in Nigerian Naira with support from the local currency facility of the International Development Association’s Private Sector Window, and a $8.5m loan by the Private Sector Window of the Global Agriculture and Food Security Programme.
It was also revealed that the facility would enable Johnvents to expand its cocoa processing plant in Ondo State and double its production capacity to up to 120 metric tonnes of cocoa per day, helping to provide steady incomes for farmers in its supply chain.
The Group Managing Director, Johnvents Industries Limited, John Alamu, said, “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.”