Backing Johnvents encourages sustainable cocoa sourcing that supports smallholder farmers in Nigeria.
Cocoa farmers in Nigeria earn very low incomes, with 86 per cent living on less than $5.50 per day. Many rely on small plots of land and lack the support to boost yields or secure fairer prices. Improving their incomes would help reduce rural poverty while also ensuring the long-term sustainability of cocoa production, which plays a key role in Nigeria’s economy and the global chocolate supply chain.
Johnvents Industries Limited is one of Nigeria’s largest cocoa processors, and supplies premium cocoa products across Africa and Europe. The company is committed to sustainability by educating farmers, improving supply practices and offering fair prices that support smallholder farmers.
In 2024, we made a £31.4 million long-term loan to Johnvents to support the refurbishment of its second cocoa processing factory in Ile-Oluji, Ondo State. The investment aims to increase production from 13,000 to 30,000 metric tonnes of cocoa per year and enhance the company’s global export capabilities. It will help Johnvents buy most of its cocoa from local farmer co-operatives certified by the Rainforest Alliance, directly supporting smallholder farmers. It will also move the company closer to its goal of using only traceable cocoa by 2027, with at least 90 per cent certified, strengthening its commitment to sustainable sourcing. Finally, the investment demonstrates our support for Black-owned and led businesses in Africa, which often struggle to get the funding they need to grow.
