By Our Correspondent
A major boost has come to Ogun State's drive for agricultural and industrial expansion as Presco Plc, one of Nigeria's leading integrated oil palm companies, has concluded plans to establish operations in the state with an initial investment of about 100 million dollars, with projections to increase total investment to between 150 million and 200 million dollars.
The investment, announced after a meeting between the Group Chief Executive Officer of Presco Plc, Mr. Adewale Arikawe, and Governor Dapo Abiodun at the Governor's Office, Oke-Mosan, Abeokuta, is expected to create thousands of direct and indirect jobs, strengthen the state's agricultural value chain, and further consolidate Ogun's position as one of Nigeria's leading investment destinations.
Speaking after the meeting, Arikawe said the company's decision to invest in Ogun State followed a comprehensive assessment of the state's business climate, infrastructure, strategic location and the investment-friendly policies implemented by the Abiodun administration.
He explained that Presco Plc operates a fully integrated oil palm value chain, covering plantation development, processing, refining and the production of finished consumer products, making the expansion into Ogun a strategic move that aligns with the company's long-term growth objectives.
"We are a fully integrated oil palm business, from the farm to the table," Arikawe 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."
According to him, while the company is commencing operations with an initial investment of approximately 100 million dollars, total investment is projected to rise to between 150 million and 200 million dollars as the project progresses.
"In terms of total investment, we are looking at between 150 million dollars and 200 million dollars, and we believe this will create thousands of jobs and significantly increase the state's revenue," he added.
The Presco chief noted that beyond expanding the company's production capacity, the investment would contribute significantly to Nigeria's agricultural development by increasing domestic oil palm production, stimulating agro-industrial growth and reducing dependence on imports.
Also speaking, the Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, described the development as another strong endorsement of Governor Abiodun's economic policies, which he said have consistently attracted major local and international investors to Ogun State.
Owotomo disclosed that Presco Plc, with a market capitalisation estimated at about ₦2 trillion, recently raised substantial funds from the Nigerian capital market, a significant portion of which would now be deployed to finance its Ogun investment.
He said the project would deepen the state's agricultural transformation programme while delivering wide-ranging economic benefits, including increased food production, enhanced rural development, higher internally generated revenue and sustainable employment opportunities.
According to the commissioner, the investment also reinforces Ogun State's growing reputation as a preferred destination for large-scale agribusiness investments due to the government's commitment to providing an enabling environment for businesses to thrive.
Industry observers believe the arrival of Presco Plc will strengthen Ogun's emerging status as a hub for agro-industrial development, leveraging the state's strategic proximity to major consumer markets, expanding infrastructure and favourable investment climate.
The investment is expected to stimulate activities across the oil palm value chain, from cultivation and processing to manufacturing and distribution, while creating opportunities for local farmers, contractors, transporters, suppliers and small businesses.
The Presco project adds to a growing portfolio of high-value investments secured by the Dapo Abiodun administration across agriculture, manufacturing, energy, housing, logistics and other critical sectors.
Government officials say the steady inflow of investments reflects sustained confidence in Ogun State's economic policies and aligns with the administration's "Building Our Future Together" agenda, which seeks to build a resilient, diversified and inclusive economy through strategic public-private partnerships.
With Presco Plc's entry into Ogun, expectations are high that the investment will not only accelerate agricultural development but also reinforce the state's leadership in attracting large-scale investments capable of driving long-term economic growth and improving livelihoods.
