Edo State is set to benefit from a fresh injection of foreign capital as Belgian agro-industrial giant SIAT NV invests $100 million into Presco Plc, Nigeria’s largest fully integrated palm oil company chaired by tycoon Olakanmi Rasheed Sarumi.
The funding forms the first phase of SIAT’s ambitious $1 billion investment plan to expand its Nigerian operations over the next decade.
According to Presco, the new capital will accelerate plantation expansion, upgrade production technology, and strengthen value-added processing.
The company said the investment will also support workforce development and help consolidate Nigeria’s position as a regional hub for edible oils and specialty fats.
Sarumi said: “Nigeria and Edo State remain central to Presco’s long-term strategy.
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“This renewed investment reflects our confidence in ongoing reforms, the resilience of the economy, and the leadership that has sustained Presco’s strong performance.”
The project is projected to create thousands of jobs as Presco scales its operations, contributing significantly to local production and economic activity.
Listed on the Nigerian Exchange (NGX), Presco is one of the country’s largest employers in the agricultural sector and a major player in West Africa’s palm oil industry.
SIAT NV, established in 1991, has decades of experience managing agro-industrial enterprises across tropical regions.
Its majority ownership of Presco, based in Edo State, accounts for nearly 60 per cent of the group’s global revenue.
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