Ogun State Gets $100 Million Oil Palm Investment from Presco

Ogun State has hit a major milestone with a big investment from Presco Plc. This company is one of Nigeria's top oil palm firms. They are starting operations in the state with an initial investment of about $100 million. This shows that both local and international investors believe in the friendly investment policies of Governor Dapo Abiodun's government.

Mr Adewale Arikawe, the Group Chief Executive Officer of Presco Plc, shared this news after meeting with Governor Dapo Abiodun at the Governor’s Office, Oke-Mosan, Abeokuta, on Monday.

Mr Arikawe explained that Presco is fully involved in oil palm business. This includes plantation development, processing, refining, and making finished consumer products. They picked Ogun State after looking closely at the state's good business environment, strategic location, solid infrastructure, and policies designed to attract and keep investments.

He mentioned that this investment will help the state’s agricultural growth, create many direct and indirect jobs, boost economic growth, and strengthen Ogun State’s position as a top choice for industrial and agricultural investments in Nigeria.

“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,” he said.

The Commissioner for Agriculture and Food Security, Mr Bolu Owotomo, also spoke about this investment. He noted that Presco Plc, which has a market value of about ₦2 trillion, recently raised a lot of money from the Nigerian capital market. A good part of this money will be used in Ogun State.

The Commissioner called the investment a strong vote of confidence in Governor Abiodun’s economic policies. These policies have helped make Ogun State the go-to place for investors in key sectors of the economy.

He pointed out that this investment will not only grow the state’s agricultural value but also improve food security, increase local revenue, support rural development, and create lasting jobs for many people in Ogun.

The Presco investment adds to a growing list of high-value investments that the Abiodun government has attracted in agriculture, manufacturing, energy, housing, logistics, and other important sectors. This shows the government's strong commitment to building a strong, varied, and inclusive economy under its Building Our Future Together agenda.