Lagos, Nigeria – In a significant move aimed at advancing Nigeria’s commodity exchange and bolstering the agricultural sector, Johnvents Group, an indigenous agribusiness and manufacturing group and a member of CapitalSage Holdings, has partnered with the Lagos Rice Company (LASRICO) to launch the EkoRice programme on the Lagos Commodities and Futures Exchange. The partnership was officially announced during the grand inauguration of the 5 billion series of the Eko Rice Contracts Programme, where Johnvents emerged as a leading trading and distribution partner of Eko Rice.
The event, held in Lagos, was attended by prominent members of the Lagos State business community, key stakeholders, and other notable personalities. During the official presentation of the rice contracts to Babajide Sanwoolu, the Governor of Lagos State, John Alamu, the Group Managing Director of CapitalSage Holdings, emphasized the immense potential of Nigeria’s agricultural value chain to enhance food security and stimulate economic growth.
“In the modern, interconnected global landscape, marked by complex markets, collaboration has become a vital catalyst for innovation, productivity, and competitive advantage. We acknowledge the efforts of state and federal governments’ renewed focus on commodity exchange to develop and fix the commodity ecosystem. As a leading player in the agribusiness sector, Johnvents is committed to collaborating with the government to achieve its goals. We aim to ensure that the entire value chain, encompassing production, quality trading, value addition, manufacturing, and distribution, leverages our extensive experience, strength, and reach for maximum benefit,” stated Alamu.
Johnvents Group, through its fast-moving consumer goods (FMCG) division called Johnvents Foods Limited, will play a significant role in the EkoRice programme. The company has committed to offtake an initial 5,000 bags of Eko Rice for nationwide distribution, solidifying its support for the Lagos Rice Mill and Eko Rice Contract Programme. It is worth noting that Johnvents had previously aided the Lagos Rice Mill in commencing operations as the major supplier of quality paddy rice just a year ago, a deal made possible with the support and trust of Sterling Alternate Finance.
“Building upon our long-standing contributions to the agribusiness value chain, Johnvents Group is pleased to announce its support for the Lagos Rice Mill and Eko Rice Contract Programme by offtaking an initial 5,000 bags of Eko Rice while signing additional forward contracts through its FMCG division, Johnvents Foods Limited. We remain dedicated to fulfilling our commitments through tangible solutions, proactive measures, strategic collaborations, and investments,” Mr. Alamu said.
Febisara Hassan, the Managing Director of Johnvents Foods Limited, expressed the group’s vision of emerging as the leading agribusiness globally for agricultural transformation and economic development. With a comprehensive focus on all aspects of the agricultural value chain, Johnvents Group is determined to enrich the sector and boost economic growth in Africa.
“Several years ago, we established Johnvents with a distinct vision: to emerge as the leading agribusiness globally for agricultural transformation and economic development. Through our innovative practices, Johnvents has evolved into a group with businesses focused on all aspects of the agricultural value chain. While Johnvents Trading supplied the paddy rice for the Imota rice meal, Johnvents Food Limited is the major off-taker and distributing partner of the finished product – Eko Rice. We are making remarkable progress regarding food security and remain dedicated to enriching the agricultural value chain and boosting economic growth in Africa,” said Hassan.
Apart from its involvement in the rice industry, Johnvents Group is also a key player in Nigeria’s cocoa value chain. The group actively supports cocoa production through its farmers’ empowerment programs and holds a prominent position in cocoa processing. With a combined output of 45,000 metric tonnes from the Johnvents Cocoa Factory in Akure and Premium Cocoa Products in Ile-Oluji, Ondo State, the company plays a crucial role in driving the growth and development of Nigeria’s cocoa industry.
The partnership between Johnvents Group and LASRICO marks a significant milestone in Nigeria’s agribusiness sector. By leveraging their expertise, resources, and collaborative efforts, the two entities are poised to drive innovation, enhance productivity, and contribute to the overall growth of the country’s agricultural value chain. This partnership not only demonstrates the commitment of indigenous agribusinesses to the development of Nigeria’s agricultural sector but also showcases the potential for fruitful collaborations between private enterprises and government initiatives to promote economic growth and food security in the country.
As Nigeria continues to focus on strengthening its agricultural sector and diversifying its economy, partnerships like these play a crucial role in realizing those objectives. The Johnvents Group’s commitment to collaboration, innovation, and investment will undoubtedly contribute to the transformation of Nigeria’s agricultural landscape and serve as an inspiration for other agribusinesses to actively participate in the country’s growth and development. With increased support and collaboration between the private sector and the government, Nigeria’s agricultural value chain is poised to reach new heights, creating employment opportunities, enhancing food security, and driving economic prosperity for the nation and its people.