Presco Plc, an agro-industrial firm, has unveiled its plans to establish operations in Ogun state with an initial investment of about $100 million in the oil palm sector.
The company’s Group Chief Executive Officer (GCEO), Adewale Arikawe, gave this hint on the investment after a meeting with Ogun State governor, Prince Dapo Abiodun, at his office in Oke-Mosan, Abeokuta.
The industrialist said that the choice of Ogun State for the multi-million dollar palm oil plant was made by the management after assessing its business environment, strategic location, infrastructure and policies aimed at attracting investment
Describing the company as a fully integrated oil palm company involved in plantation development, processing, refining and consumer product manufacturing, Arikawe said the project would support Ogun’s agricultural transformation drive while creating thousands of direct and indirect employment opportunities.
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He said: “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.”
Arikawe, who hinted that the company’s broader investment projection in the state could rise to between $150 million and $200 million, added that “we want to support the state’s agenda for agricultural transformation, economic development, job creation, and the building of an inclusive economy.”
Commenting on the Presco’s investment plan in the state, Ogun State Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, described the investment as a demonstration of investors’ confidence in the state’s economic policies.
The commissioner recalled that Presco PLC, which has a market capitalization of about N2 trillion, recently raised substantial funds from the Nigerian capital market, with a significant part of it earmarked for investment in Ogun State.
Omotosho expressed optimism that the palm oil project would further enhance the state’s agricultural value chain, improve food security, promote rural development and provide sustainable employment opportunities for residents.
Analysts believe that Presco investment in the state is coming on the heels of sundry investments in Ogun State in key sectors, including agriculture, manufacturing, energy, housing and logistics, as investors continue to explore the opportunities in the state government’s policy measures to position the state as a leading industrial and agricultural hub in Nigeria.
