Ogun attracts $100m initial oil palm investment as Presco begins operation

Ogun State has recorded a significant investment milestone as Presco Plc, one of Nigeria’s foremost integrated oil palm companies, has concluded plans to establish operations in the state with an initial investment of about $100 million, further affirming the confidence of local and international investors in the investment-friendly policies of the Dapo Abiodun administration.

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The Group Chief Executive Officer of Presco Plc, Mr Adewale Arikawe, disclosed this after a meeting with Governor Dapo Abiodun at the Governor’s Office, Oke-Mosan, Abeokuta, on Monday.

Mr 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.

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

“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 said.

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Also speaking, the 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 Governor Abiodun’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.

The Presco investment is the latest in a growing list of high-value investments attracted by the Abiodun administration across agriculture, manufacturing, energy, housing, logistics and other strategic sectors, reflecting the administration’s unwavering commitment to building a resilient, diversified and inclusive economy under its Building Our Future Together agenda.