Presco to Begin Operation in Ogun, Announces Initial $100 Million Oil Palm Investment

News in Brief:

—Nigeria's oil giant, Presco PLC, is set to begin operations in Ogun State with an initial investment of $100 million.

—The investment is expected to support Ogun’s agricultural transformation agenda, create jobs and strengthen the state’s industrialisation.

Presco PLC, one of Nigeria’s top integrated oil palm companies, is set to begin operations in Ogun State, announcing an initial investment of about $100 million.

Mr Adewale Arikawe, the company's Group CEO, made the revelation after a meeting with Ogun State Governor Dapo Abiodun at the Governor’s Office, Oke-Mosan, Abeokuta, 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.

Ogun State Agricultural Transformation

According to him, the company’s investment is expected to support the state’s agricultural transformation agenda. It would also 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.

“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," he stated.

Arikawe forecast the company’s total investment at between $150 million and $200 million, noting how he believes it will significantly increase the state’s revenue.

Speaking about the development, the state Commissioner for Agriculture and Food Security, Mr Bolu Owotomo, said Presco PLC, a company with a market capitalisation of about ₦2 trillion, recently raised substantial capital from the Nigerian capital market, a significant portion of which would be invested in Ogun State.

The Commissioner described the investment as another strong endorsement of the current administration’s deliberate economic policies, which 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.