Presco Plc has announced plans to invest an initial $100 million in a new oil palm project in Ogun State, with the total investment expected to rise to as much as $200 million as the project expands.
The investment was disclosed by Adewale Arikawe, the company’s Group Chief Executive Officer, after a meeting with Dapo Abiodun, Ogun State Governor, at the Governor’s Office in Oke-Mosan, Abeokuta.
According to Arikawe, Presco selected Ogun State after assessing its business environment, strategic location, infrastructure and investor-friendly policies.
“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,” he said.
Presco, one of Nigeria’s leading integrated oil palm companies, operates across the entire value chain, including plantation development, processing, refining and the production of consumer goods.
Arikawe said the project aligns with Ogun State’s agricultural transformation agenda and is expected to generate thousands of direct and indirect jobs while boosting economic activity and government revenue.
He added that the company’s long-term investment in the state could increase to between $150 million and $200 million as the project progresses.
“We want to support the state’s agenda for agricultural transformation, economic development, job creation, and the building of an inclusive economy,” he said.
Bolu Owotomo, Ogun State Commissioner for Agriculture and Food Security, described the investment as a strong endorsement of the state’s economic and investment policies.
According to the commissioner, Presco, which has a market capitalisation of about ₦2 trillion, recently raised substantial funding from the Nigerian capital market, with a significant portion earmarked for its Ogun expansion.
He said the investment would strengthen the state’s agricultural value chain, improve food security, stimulate rural development and create sustainable employment opportunities for residents.
The Presco project adds to a growing list of major investments flowing into Ogun State across agriculture, manufacturing, energy, housing and logistics.
The state government has intensified efforts to attract private capital by improving infrastructure and creating a business-friendly environment, positioning Ogun as one of Nigeria’s leading industrial and agricultural investment destinations.
