Presco Plc, Nigeria’s largest listed oil palm producer, plans to invest an initial $100 million to establish operations in Ogun State, with total investment expected to rise to between $150 million and $200 million.
Group CEO Adewale Arikawe disclosed the plan after meeting Governor Dapo Abiodun in Abeokuta, saying Presco selected Ogun after assessing its business environment, infrastructure, and investment-friendly policies.
The company currently operates plantations in Edo and Delta states and spans the full palm oil value chain, from plantation development to processing, refining and consumer products.
Commissioner for Agriculture and Food Security Bolu Owotomo said Presco, valued at about ₦2 trillion, recently raised substantial capital from Nigeria’s capital markets, a portion of which will fund the Ogun expansion. He said the investment would boost food security, internally generated revenue, and job creation.
Nigeria was once responsible for 43 percent of the global palm oil supply but is now a net importer, producing under 5 percent of the global output. The investment aims to expand domestic production and cut reliance on imports
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