Presco oil palm coy mulls $100m investment in Ogun

Ogun State has recorded another investment milestone as Presco Plc, one of Nigeria’s foremost integrated oil palm companies, has concluded plans to establish operations 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 Ogun State Governor Dapo Abiodun at the Governor’s Office in Abeokuta, the state capital, on Monday.

Arikawe said Presco, a fully integrated oil palm company with operations spanning plantation development, processing, refining and the production of finished consumer products, chose Ogun State after a careful assessment of the state’s enabling business environment, strategic location, robust infrastructure, and the deliberate policies of the present administration aimed at attracting and sustaining investments.

According to him, the company’s investment is expected to support the state’s agricultural transformation agenda, create thousands of direct and indirect employment opportunities, stimulate economic growth, and further strengthen Ogun State’s position as Nigeria’s leading industrial and agricultural investment destination.

Arikawe said: “We are a fully integrated oil palm business, from the farm to the table.

“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.

“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.”

Also speaking, the Ogun State Commissioner for Agriculture and Food Security, Bolu Owotomo, said Presco, a company with a market capitalisation of about N2 trillion, recently raised substantial capital from the Nigerian capital market, with a significant portion to be invested in Ogun State.

The commissioner described the investment as another strong endorsement of Governor Abiodun’s economic policies, which he said have continued to position Ogun State as the preferred destination for investors across critical sectors of the economy.

He noted that beyond expanding the state’s agricultural value chain, the investment would enhance food security, boost internally generated revenue, promote rural development, and create sustainable jobs for thousands of Ogun residents.