Ogun State has attracted another major investment, with Presco PLC set to commence operations in the state through an initial investment of approximately $100 million, reinforcing investor confidence in the state’s business-friendly environment.
The announcement followed a meeting between the Group Chief Executive Officer of Presco PLC, Mr. Adewale Arikawe; and the state governor Prince Dapo Abiodun at the Governor’s Office in Oke-Mosan, Abeokuta, the state capital.
Presco PLC, one of Nigeria’s leading integrated oil palm companies, said it selected the state after evaluating its favourable investment climate, strategic location, infrastructure and government policies designed to attract long-term investment.
The company operates across the entire oil palm value chain, including plantation development, processing, refining and the production of finished consumer products.
After the meeting, Arikawe said the investment aligns with the state’s agricultural transformation agenda and is expected to generate significant economic benefits.
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. We also want to support the state’s agenda for agricultural transformation, economic development, job creation and the building of an inclusive economy’.
He added that Presco’s total investment in the state is projected to reach between $150 million and $200 million, creating thousands of direct and indirect jobs while boosting government revenue.
The state Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, described the investment as another endorsement of the governor’s economic policies.
According to Owotomo, Presco PLC, which has a market capitalisation of approximately ₦2 trillion, recently raised significant funding from the Nigerian capital market, with a substantial share earmarked for its operations in the state.
He said the investment would strengthen the state’s agricultural value chain, improve food security, support rural development, increase internally generated revenue and create sustainable employment opportunities for residents.
The Presco project adds to a growing portfolio of major investments secured by the state government across agriculture, manufacturing, energy, housing and logistics.
The development reflects the administration’s continued drive to diversify the economy and position the state as one of Nigeria’s leading destinations for investment under its “Building Our Future Together” agenda.
