Presco Plc, Nigeria’s largest listed oil palm producer, has announced plans to invest approximately $100 million in Ogun State.

The company’s Group Chief Executive Officer, Adewale Arikawe, made the disclosure after meeting with Ogun State Governor Dapo Abiodun in Abeokuta. This major investment is aimed at boosting domestic palm oil production and reducing the country’s reliance on imports.

Nigeria was once a leading global supplier of palm oil but now imports a significant portion of its needs. The new project in Ogun State is expected to create jobs in farming, processing, and logistics while contributing to food security. Presco currently operates plantations in Edo and Delta states and sees this expansion as a strategic move to strengthen its presence in the southwest.

The investment aligns with the government’s efforts to revive the agricultural sector and promote local production of key commodities. Officials believe that increased palm oil output will help stabilize prices and support related industries. The partnership between Presco and the Ogun State Government is viewed as a positive example of private sector collaboration with state authorities.

As the project moves forward, there are expectations that it will attract more investments into Nigeria’s agricultural value chain. The initiative could also serve as a model for other states looking to develop their agro-industrial potential. With the right support, such projects have the capacity to transform rural economies and create sustainable livelihoods.

This announcement by Presco Plc signals renewed confidence in Nigeria’s agricultural future. The $100 million commitment in Ogun State is likely to have far-reaching benefits for farmers, workers, and the broader economy. As implementation begins, stakeholders will be watching closely to see the impact on local production and import substitution efforts.

Photo credit: Daily Post Nigeria