British Worldwide Funding (BII), the UK’s growth finance establishment (DFI) and influence investor, has signed a $40.5 million mortgage facility aimed toward boosting cocoa manufacturing in Nigeria.
The signing ceremony was held on Tuesday at Transcorp Hilton, Abuja, and attended by Nairametrics.
The mortgage funding from BII goals to assist the rehabilitation and refurbishment of Johnvents’ Group’s second cocoa processing facility in Ile-Oluji, Ondo State.
“As we speak, I’m delighted to announce that we’re signing a $40.5 million mortgage facility with Johnvents Group.
“We’re delighted to companion with Johnvents Group to deal with vital obstacles to the expansion of Nigeria’s cocoa trade,” he mentioned.
In response to Adenuga, the mortgage will allow the cocoa processing facility’s annual capability to extend from 13,000 to 30,000 metric tonnes.
“BII has a wealthy historical past in Nigeria relationship again to 1948.
“We have now been investing in Nigeria for over 75 years. We’re dedicated to long-term funding within the nation, tailoring our merchandise to beat market challenges,” he defined.
“By working in partnership, we will strengthen the provision chains between the UK and Nigeria, remodel financial potential in each nations and additional enhance the £7.5 billion commerce quantity between the UK and Nigeria,” he mentioned.
Nigeria’s cocoa earnings surged by 279% within the first quarter of 2024, pushed by elevated cocoa costs.
Knowledge from the Nationwide Bureau of Statistics (NBS) confirmed that cocoa exports reached a worth of N408.66 billion within the first three months of 2024, up from N107.59 billion throughout the identical interval in 2023.
The report reveals that round 76% of the cocoa farmers interviewed had been smallholders with lower than 2 hectares underneath cultivation, whereas solely about 3% managed greater than 5 hectares. The vast majority of these farmers had been aged between 36 and 45.
