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

Ogun State in Nigeria has secured a significant investment milestone with Presco Plc, a leading integrated oil palm company, planning to establish operations and committing an initial $100 million. This development underscores the confidence international and local investors have in the investment-friendly policies championed by Governor Dapo Abiodun's administration.

Adewale Arikawe, Group Chief Executive Officer of Presco Plc, announced the plans following a meeting with Governor Abiodun. He cited Ogun State's enabling business environment, strategic location, robust infrastructure, and the government's deliberate policies as key factors in the company's decision. Presco Plc, which operates across the entire oil palm value chain from plantation development to consumer products, aims to support the state's agricultural transformation agenda, generate substantial employment opportunities, and foster economic growth.

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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.

Arikawe indicated that the total investment could range between $150 million and $200 million, projecting the creation of thousands of jobs and a significant increase in the state's revenue. The Commissioner for Agriculture and Food Security, Bolu Owotomo, highlighted Presco Plc's substantial capital raised from the Nigerian capital market, a portion of which will be directed to Ogun State. He described the investment as a strong endorsement of Governor Abiodun's economic strategies, which have positioned Ogun State as a prime destination for investors in various critical sectors.

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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.