Presco Plc to Invest Up to $200 Million in Ogun State, Boosting Agriculture and Job Creation
Ogun State is set to receive a major economic boost as Presco Plc has announced plans to establish operations in the state with an initial investment of about $100 million, with the total investment expected to rise to between $150 million and $200 million.
The announcement was made after the company’s Group Chief Executive Officer, Adewale Arikawe, met with **Dapo Abiodun> at the Governor’s Office in Abeokuta.
According to Arikawe, Presco selected Ogun State after evaluating its favourable business environment, strategic location, modern infrastructure, and investor-friendly policies introduced by the state government.
He explained that the company operates across the entire oil palm value chain, including plantation development, palm oil processing, refining, and the production of consumer goods.
The planned investment is expected to strengthen Ogun State’s agricultural sector, create thousands of direct and indirect jobs, stimulate economic growth, and increase government revenue.
Arikawe stated that the project aligns with the state’s vision of promoting agriculture, expanding industrial activities, and building a more inclusive economy.
Also speaking, the Ogun State Commissioner for Agriculture and Food Security, Bolu Owotomo, described the investment as another vote of confidence in the state’s economic policies.
He noted that Presco Plc, one of Nigeria’s leading oil palm companies with a market valuation running into trillions of naira, recently secured fresh funding from the Nigerian capital market, with a significant portion expected to finance its Ogun State expansion.
According to the commissioner, the investment will strengthen food security, promote rural development, expand the agricultural value chain, boost internally generated revenue, and provide sustainable employment opportunities for residents.
The Presco project joins a growing list of investments attracted to Ogun State in recent years across agriculture, manufacturing, housing, logistics, energy, and other sectors, reinforcing the state’s reputation as one of Nigeria’s leading destinations for business and industrial development.