Akeredolu commissions N15bn cocoa processing plant in Ondo

Akeredolu commissions N15bn cocoa processing plant in Ondo

— To create over 17,000 jobs

— We’re losing about 90 per cent of our probable revenue from cocoa – Akeredolu

Dayo Johnson Akure

A wholly indigenous-owned agribusiness and subsidiary of Capitalsage, Johnvents Industries Limited, has commissioned its upgraded N15 billion cocoa processing plant in Akure, the Ondo State capital.

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 per cent 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.

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 per cent 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 per cent 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 […]

Stay in the Know!

Sign up for the latest news and information on African Companies and Economy.

By signing up, you agree to receive MoneyInAfrica offers, promotions and other commercial messages. You may unsubscribe at any time.

Leave a Reply