JCF Signs $23.3m Deal to Boost Cocoa Production

June 8, 2024

Johnvents Cocoa Factory has signed a $23.3 million facility agreement with the International Finance Corporation (IFC) to boost cocoa production in the country.

Johnvents Cocoa Factory has signed a $23.3 million facility agreement with the International Finance Corporation (IFC) to boost cocoa production in the country.

The Managing Director of the JCF, John Alamu, described the development as a landmark achievement that would turn the cocoa sector around.

He said: “This $23.3 million facility from IFC will fuel our $46.1 million expansion project, enabling us to increase our cocoa processing capacity and add greater value to the sector.”

Alamu thanked the IFC team for their support, saying, “I appreciate the IFC team for believing in our vision and working tirelessly to make this partnership a reality.”

Meanwhile, the Nigeria Union of Journalists (NUJ), Oyo State chapter, has commended John Alamu, managing director of Johnvents Cocoa Factory, for his visionary leadership in the cocoa sector.

NUJ Chairman, Ademola Babalola, praised Alamu’s commitment to the growth of cocoa industry, saying, “John Alamu’s vision for the cocoa sector is laudable and this partnership with IFC is a testament to his dedication.

“Mr. John Alamu is a great businessman with knack for excellence. We commend his efforts towards enhancing the sector’s value chain.”

“This partnership is expected to significantly impact Nigeria’s cocoa sector, creating jobs and stimulating economic growth.

“The Oyo NUJ celebrates this achievement and looks forward to seeing the positive effects on the industry.