Ogun Secures $100m Initial Oil Palm Investment as Presco Begins Operations
The Ogun State Government has secured another major investment boost as Presco PLC, one of Nigeria’s leading integrated oil palm companies, has announced plans to commence operations in the State with an initial investment of about $100 million.
The development is expected to strengthen Ogun State’s Agricultural Sector, create thousands of jobs and further reinforce the State’s position as a preferred investment destination under the administration of Governor Dapo Abiodun.
The Group Chief Executive Officer of Presco PLC, Mr. Adewale Arikawe, disclosed the investment plan after a meeting with Governor Dapo Abiodun at the Governor’s Office in Oke-Mosan, Abeokuta, on Monday July 6.
Arikawe explained that the company selected Ogun State after evaluating its favourable business environment, strategic location, improved infrastructure and investor-friendly policies introduced by the current administration.
He noted that Presco operates a fully integrated oil palm value chain, covering plantation development, processing, refining and the production of finished consumer goods.
According to him, the company intends to play a significant role in advancing Ogun State’s agricultural transformation agenda while contributing to economic development and employment generation.
“We are a fully integrated oil palm business, from the farm to the table,” Arikawe said.
“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,” he added.
Also speaking, the Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, revealed 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 described the project as another vote of confidence in Governor Abiodun’s economic reforms, noting that the administration’s investment-friendly policies continue to attract major investors across key sectors.
He said the investment would not only expand the state’s agricultural value chain but also improve food security, increase internally generated revenue, stimulate rural development and provide sustainable employment opportunities for thousands of residents.
The Presco project adds to the growing list of major investments attracted by the Ogun State Government in sectors including agriculture, manufacturing, housing, energy and logistics, in line with Governor Abiodun’s Building Our Future Together development agenda aimed at promoting a resilient, diversified and inclusive economy.
