Ogun Secures $100m Initial Investment As Presco Begins Oil Palm Operations
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Ogun State has secured another major investment commitment as Presco Plc, one of Nigeria’s leading integrated oil palm companies, announced plans to invest between $150 million and $200 million in an oil palm development project in the state, with an initial investment of about $100 million.
The Group Chief Executive Officer of Presco Plc, Adewale Arikawe, disclosed this after a meeting with Governor Dapo Abiodun at the Governor’s Office, Oke Mosan, Abeokuta, on Monday.
According to him, the investment aligns with the state’s agricultural transformation agenda and is expected to create thousands of direct and indirect jobs while boosting economic growth.
“We are a fully integrated oil palm business, from the farm to the table,” Arikawe said.
He added, “We have seen remarkable development in Ogun State, and we believe this is the next place to invest. We also want to support the state’s agenda for agricultural transformation, economic development, job creation and the building of an inclusive economy.”
Speaking on the scale of the proposed investment, Arikawe said, “In terms of total investment, we are looking at between $150 million and $200 million, and we believe this will create thousands of jobs and significantly increase the state’s revenue.”
He noted that Presco’s operations cover plantation development, processing, refining and the production of finished consumer products, making it one of the country’s fully integrated oil palm companies.
Also speaking, the Commissioner for Agriculture and Food Security, Bolu Owotomo, described the investment as another endorsement of the state’s investor friendly policies under the Abiodun administration.
According to him, Presco Plc, with a market capitalisation of about ₦2 trillion, recently raised substantial funds from the Nigerian capital market, with a significant portion earmarked for investment in Ogun State.
Owotomo said the investment would deepen the state’s agricultural value chain, strengthen food security, boost internally generated revenue and support rural development.
“The investment will not only expand Ogun’s agricultural value chain but will also enhance food security, create sustainable jobs for thousands of residents and further position the state as a preferred destination for agribusiness investments,” he said.
The commissioner added that the project further demonstrated the confidence of local and international investors in the state’s economic policies and commitment to creating an enabling environment for businesses.
