Ogun secures $100m initial oil palm investment as Presco begins expansion

ABEOKUTA – Presco Plc, one of Nigeria’s leading integrated oil palm companies, has announced plans to establish operations in Ogun State with an initial investment of about $100 million, in a move expected to boost agricultural production, create jobs and stimulate economic growth.

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

Mr Arikawe said Presco chose Ogun after assessing the state’s business environment, infrastructure, strategic location and investment policies.

He said the company, which operates across the entire oil palm value chain—from plantation development to processing, refining and the production of consumer goods—intends to support the state’s agricultural transformation programme.

“We are a fully integrated oil palm business, from the farm to the table,” Mr 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.”

According to him, the company’s overall investment in the state is projected to reach between $150 million and $200 million over time.

“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.

The Commissioner for Agriculture and Food Security, Bolu Owotomo, described the investment as a major endorsement of the state’s economic and investment policies.

Mr Owotomo said Presco Plc, with a market capitalisation of about ₦2 trillion, recently raised significant capital from the Nigerian capital market, with a substantial portion earmarked for investment in Ogun State.

He said the investment would strengthen the state’s agricultural value chain, improve food security, promote rural development, increase internally generated revenue and create sustainable employment opportunities for residents.

The planned investment adds to a series of private-sector investments attracted to Ogun State in recent years across agriculture, manufacturing, energy, housing and logistics, as the state seeks to expand its industrial base and diversify its economy.