Jelili Gbadamosi
Ogun State has secured an initial investment of about $100 million from Presco PLC, one of Nigeria’s leading integrated oil palm companies, in a move expected to boost agricultural production, create jobs and strengthen the state’s economy.
The investment was announced following a meeting between Governor Dapo Abiodun and the Group Chief Executive Officer of Presco PLC, Adewale Arikawe, at the Governor’s Office, Oke-Mosan, Abeokuta, on Monday.
Arikawe said the company decided to establish operations in Ogun State after assessing its business-friendly environment, strategic location, infrastructure and investment-driven policies of the Abiodun administration.
According to him, Presco operates a fully integrated oil palm business covering plantation development, processing, refining and the production of finished consumer products.
“We are a fully integrated oil palm business, from the farm to the table,” he 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.”
He disclosed that while the company would begin with an initial investment of about $100 million, its total investment in the state is expected to reach between $150 million and $200 million.
“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,” Arikawe added.
The investment is expected to support Ogun State’s agricultural transformation agenda by creating thousands of direct and indirect jobs, stimulating economic growth and reinforcing the state’s position as a leading destination for industrial and agricultural investments.
Also speaking, the Commissioner for Agriculture and Food Security, Bolu Owotomo, said Presco PLC, with a market capitalisation of about ₦2 trillion, recently raised substantial funds from the Nigerian capital market, with a significant portion earmarked for investment in Ogun State.
He described the development as a strong vote of confidence in the economic policies of the Dapo Abiodun administration, noting that the investment would deepen the state’s agricultural value chain, improve food security, increase internally generated revenue, promote rural development and provide sustainable employment opportunities for residents.
Owotomo added that the Presco project joins a growing list of major investments attracted by the Ogun State Government across agriculture, manufacturing, energy, housing and logistics, in line with the administration’s vision of building a resilient, diversified and inclusive economy under its Building Our Future Together agenda.
