By Francis Ajuonuma
Ogun State has secured a major boost to its agricultural and industrial development agenda with Presco Plc announcing plans to establish oil palm operations in the state through an initial $100 million investment, a move expected to generate thousands of jobs and stimulate economic growth.
The investment, which could eventually rise to between $150 million and $200 million, is the latest in a series of high-value projects attracted by the administration of Governor Dapo Abiodun as it seeks to position Ogun as Nigeria’s preferred destination for manufacturing and agribusiness investments.
The Group Chief Executive Officer of Presco Plc, Mr Adewale Arikawe, disclosed the investment after a meeting with Governor Abiodun at the Governor’s Office in Abeokuta.
Arikawe said the company selected Ogun after assessing its business-friendly environment, strategic location, infrastructure and investment-focused policies.
“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 said.
According to him, Presco—one of Nigeria’s leading integrated oil palm companies with operations spanning plantation development, processing, refining and consumer products—expects the investment to create thousands of direct and indirect jobs while significantly expanding the state’s economic base.
“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.
Also speaking, the Commissioner for Agriculture and Food Security, Mr Bolu Owotomo, described the project as another endorsement of the state’s investment-friendly policies.
He disclosed that Presco, with a market capitalisation of about ₦2 trillion, recently raised substantial funds from the Nigerian capital market, with a significant portion earmarked for its Ogun expansion.
Owotomo said the investment would deepen the state’s agricultural value chain, strengthen food security, promote rural development, increase internally generated revenue and create sustainable employment opportunities.
The commissioner added that the project reinforces Ogun’s growing reputation as a leading destination for investments across agriculture, manufacturing, logistics, housing and energy.
The Presco project is the latest addition to a growing portfolio of investments secured under the Abiodun administration’s Building Our Future Together agenda, underscoring the state’s ambition to build a resilient, diversified and investment-driven economy.
