Ogun State government has secured another major investment commitment as Presco PLC, one of Nigeria’s leading integrated oil palm companies, announced plans to commence operations in the state with an initial investment of about $100 million. The investment, according to the company, underscores growing investor confidence in the business-friendly policies……
Ogun State government has secured another major investment commitment as Presco PLC, one of Nigeria’s leading integrated oil palm companies, announced plans to commence operations in the state with an initial investment of about $100 million.
The investment, according to the company, underscores growing investor confidence in the business-friendly policies of the Governor Dapo Abiodun administration and is expected to drive agricultural development, create jobs and stimulate economic growth.
The Group Chief Executive Officer of Presco PLC, Mr. Adewale Arikawe, disclosed the development after a meeting with Governor Dapo Abiodun at the Governor’s Office, Oke-Mosan, Abeokuta.
Arikawe said the company selected Ogun State after evaluating its conducive business environment, strategic location, improving infrastructure and deliberate policies designed to attract and retain investments.
He explained that Presco operates a fully integrated oil palm value chain, covering plantation development, processing, refining and the production of finished consumer products, adding that the company intends to support Ogun State’s agricultural transformation agenda.
According to him, the total investment is projected to grow to between $150 million and $200 million, with the project expected to generate thousands of direct and indirect jobs while increasing the state’s revenue base.
“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,” Arikawe said.
Also speaking, the Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, described the investment as another strong vote of confidence in the state’s economic policies.
He noted that 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 strengthen the state’s agricultural value chain, improve food security, boost internally generated revenue, encourage rural development and provide sustainable employment opportunities for thousands of residents.
He added that the latest investment further reinforces Ogun State’s reputation as a preferred destination for investors across key sectors of the economy.