Presco Plc Announces Major Investment in Ogun State
Ogun State has achieved a significant investment milestone as Presco Plc, one of Nigeria’s foremost integrated oil palm companies, finalizes plans to establish operations in the state with an initial investment of approximately $100 million. This development further affirms the confidence of local and international investors in the investment-friendly policies of Governor Dapo Abiodun’s administration.
The Group Chief Executive Officer of Presco Plc, Mr. Adewale Arikawe, disclosed this after a meeting with Governor Dapo Abiodun at the Governor’s Office in Oke-Mosan, Abeokuta, on Monday. Mr. Arikawe stated that Presco, a fully integrated oil palm company with operations spanning plantation development, processing, refining, and production of finished consumer products, selected Ogun State after a careful assessment of its enabling business environment, strategic location, robust infrastructure, and deliberate policies aimed at attracting and sustaining investments.
Investment to Drive Agricultural Transformation and Job Creation
According to Mr. Arikawe, the company’s investment is expected to support the state’s agricultural transformation agenda, create thousands of direct and indirect employment opportunities, stimulate economic growth, and further strengthen Ogun State’s position as Nigeria’s leading industrial and agricultural investment destination.
“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. 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,” Mr. Arikawe said.
Commissioner Highlights Economic Impact
Speaking on the development, the Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, noted that Presco Plc, a company with a market capitalization of about ₦2 trillion, recently raised substantial capital from the Nigerian capital market, a significant portion of which will be invested in Ogun State. He described the investment as another strong endorsement of Governor Abiodun’s deliberate economic policies, which continue to position Ogun State as the preferred destination for investors across critical sectors.
Mr. Owotomo emphasized that beyond expanding the state’s agricultural value chain, the investment would enhance food security, boost internally generated revenue, promote rural development, and create sustainable jobs for thousands of Ogun residents.
Part of Broader Investment Strategy
The Presco investment is the latest in a growing list of high-value investments attracted by the Abiodun administration across agriculture, manufacturing, energy, housing, logistics, and other strategic sectors. This reflects the administration’s unwavering commitment to building a resilient, diversified, and inclusive economy under its “Building Our Future Together” agenda.
