Presco Plc, a leading agro-industrial oil palm company in West Africa, has announced its plan to invest $200 million in Abia State’s oil palm sector.
During a visit by the management of the organisation and Afrinvest to Governor Alex Otti in Nvosi, Isiala Ngwa South Local Government Area, on Friday, the Chairman of Presco Plc, Mr. Olakanmi Sarumi said that the proposed investment would include the development of oil palm plantations on about 14,086 hectares of a 20,000-hectare concession in Ozuitem, Abam, and Ulonna.
‘Our task from His Excellency and the state is to establish a mutually beneficial relationship, facilitate land acquisition for Presco Plc, and provide security support to realise this development’, he said.
He also said that the project was expected to create over 5,000 jobs directly and indirectly across plantation operations, milling, logistics, and other support services.
Sarumi hoped that the initiative would curb rural migration and spur community development.
He also said that the investment would boost agricultural output, support small and medium enterprises, and attract downstream industries reliant on palm oil derivatives.
‘Our investment will add multi-billion naira annually to Abia State’s Gross Domestic Product (GDP) through agricultural output, tax revenues, and multiplier effects across SMEs and local value chains’, he said.
Sarumi described the initiative as a continuation of the agricultural revolution pioneered by the former Eastern Nigeria Premier, late Dr. Micheal Okpara, whose administration transformed the region into a leading oil palm producer.
He appealed to the state government to assist his organisation in facilitating the acquisition of the land for the project and pledged that his company would pay the compensation based on an agreed plan.
The Group Managing Director of Afrinvest, Dr Ike Chioke, said that the visit followed discussions between Abia Government and Presco Plc in the first quarter of 2025 under the state’s Public Private Partnership framework.
Chioke lauded Otti for insisting on a thorough evaluation before any partnership would be finalised and expressed confidence that the engagement would be fruitful.
Otti commended the company for its thorough due diligence ahead of its proposed investment in the state’s oil palm sector.
He said that the plan aligned with the historic agricultural vision of Okpara, whose farm settlement schemes once made the defunct Eastern Region a national leader in palm oil production.
He recalled that the former region achieved national prominence in oil palm output through well-structured farm settlements and pledged to restore the state’s lost glory in the sector.
He emphasised that the state’s fertile land and favourable topography make it ideal for large-scale oil palm plantations, positioning Abia as a key driver of agricultural growth, job creation, and economic prosperity.
‘I’m happy that you went back to the days of Dr Micheal Okpara, who set up farm settlements, including the Ulonna settlement.
‘I think 14,000 hectares may just be a start with the quality of our land – you are likely to achieve one of the highest yields’, the governor said.
He confirmed that the state government was supportive of the investment, highlighting the project’s potential to create thousands of jobs and also boost the state’s GDP.
‘If you are employing over 20,000 people, directly and indirectly, this will significantly contribute to the economy.
‘That’s what interests me – jobs for my people and a positive impact on the GDP’, he said.
He disclosed that the next step ought to be the drafting and signing of a Memorandum of Understanding to move the project towards implementation.
The governor further said that the state government would facilitate the land acquisition and ensure fair compensation to the host communities.
