Akeredolu Commissions ₦15bn Cocoa Processing Plant In Ondo

Akeredolu Commissions N15bn Cocoa Processing Plant In Ondo
Rotimi Akeredolu
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An indigenous-owned agribusiness and a subsidiary of Capitalsage, Johnvents Industries Limited, on Tuesday, commissioned its upgraded ₦15 billion cocoa processing plant in Akure, the Ondo State capital.

Africa Daily News, New York the Factory which was commissioned by the governor of Ondo State, Rotimi Akeredolu will create 300 direct jobs and over 17,000 indirect jobs and thereby becoming an economic powerhouse for the State and Nigeria as a whole.

Johnvents Industries Limited, owners of Johnvents Cocoa Processing Factory, was incorporated in 2016.

Dignitaries present at the ceremony, include the Deji of Akure, Oba Aladetoyinbo Ogunlade Aladelusi, the Jegun of Ile Oluji, Oba (Dr.) Julius Adetimehin, amongst others traditional rulers and stakeholders in the Cocoa industry.

Johnvents Cocoa Processing Factory is an agribusiness project, with 15,000 metric tonnes automated processing plant that requires less manpower and operates at 98 percent operational efficiency at full blast.

Commissioning the factory, governor Akeredolu, commended the company for choosing Ondo state as the investment destination for such a magnificent agribusiness project.

Read Also: Why Grazing Routes Won’t Work In Nigeria – Akeredolu

Akeredolu said that ‘Today’s commission of this incredible project is an important milestone in the cocoa agribusiness, not only to Ondo state but to Nigeria as a whole.

‘I commend and congratulate you for coming to Ondo state, and I assure you that we will continue to provide an enabling environment for you to thrive.’

‘Nigeria is not taking advantage of the cocoa value chain as only about 10 percent of Nigeria cocoa beans is processed into cocoa butter and powder, while the rest is exported.

‘What this means is that we are losing about 90 percent of our probable revenue from cocoa.

‘I believe that the addition of Johnvents Cocoa will increase the percentage of cocoa beans processed in Nigeria.’

The launch of Johnvents Cocoa Processing Factory is an exciting indicator of the company’s dominance as one of Nigeria’s leading companies in the process of making cocoa production and the rest of agribusiness a profitable sector that significantly contributes to Nigeria’s economic growth and foreign exchange earnings.

Also, speaking, the Group Managing Director of CapitalSage, the holding company of Johnvents Industries Limited, John Alamu said: ‘Our vision is to continuously drive sustainable growth across the entire agricultural value chain in Nigeria.

‘With the abundant cocoa production in the country, our value should far exceed what it currently is.

‘This is why we have taken the audacious step of developing a multi-billion Naira cocoa processing factory of this magnitude.

“This will help the country further tap into the $5billion potential value of cocoa, which we are currently not harnessing due to overreliance on cocoa beans alone.’

‘Johnvents Cocoa Processing Factory will crush these cocoa beans into cocoa liquor, butter, cake, and powder, for internal consumption and export into other markets across Europe, Asia and America, thereby increasing the country’s foreign exchange earnings.

‘Interestingly, the economic benefits of this factory go beyond its contributions to foreign exchange earnings.

‘It will also be a big player in job creation through 300 direct jobs and over 17,000 indirect jobs for Ondo State indigenes and Nigerians across the country’.

He thanked all stakeholders and dignitaries for joining the company to witness history in the country’s cocoa processing business.

Alamu called for their continued support to ensure that the country moves beyond cocoa beans production to becoming a continental and global giant in cocoa processing for local consumption and export purposes.

AFRICA DAILY NEWS, NEW YORK

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