Ogun State has landed a major agricultural investment, with leading oil palm producer Presco PLC set to inject an initial $100 million to establish operations in the state.
The investment was confirmed Monday after a meeting between Presco’s Group Chief Executive Officer, Mr. Adewale Arikawe, and Governor Dapo Abiodun at the Governor’s Office in Oke-Mosan, Abeokuta.
Presco, one of Nigeria’s largest fully integrated oil palm companies, manages the full value chain from plantation development and processing to refining and finished consumer products. Arikawe said the company chose Ogun following a detailed assessment of its business climate, infrastructure, and investor-focused policies under the Abiodun administration.
Investment to drive jobs, revenue
According to Arikawe, Presco’s total planned investment in Ogun could rise to between $150 million and $200 million. The project is expected to create thousands of direct and indirect jobs, boost internally generated revenue, and advance the state’s agricultural transformation agenda.
“We have seen remarkable development in Ogun State, and we believe this is the next place to invest,” Arikawe said. “We also want to support the state’s agenda for agricultural transformation, economic development, job creation, and the building of an inclusive economy.”
He added that the investment would strengthen Ogun’s position as a leading industrial and agricultural destination in Nigeria.
Govt hails investor confidence
Ogun Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, said Presco recently raised substantial capital from the Nigerian capital market, with a significant portion earmarked for its Ogun operations. Presco currently has a market capitalisation of about ₦2 trillion.
Owotomo described the move as “another strong endorsement” of Governor Abiodun’s economic policies, noting that the investment would expand the state’s agricultural value chain, enhance food security, promote rural development, and create sustainable employment.
Part of broader investment push
The Presco deal adds to a growing list of high-value investments attracted to Ogun under the administration’s Building Our Future Together agenda. Recent inflows have cut across agriculture, manufacturing, energy, housing, and logistics, as the state pushes for a diversified and resilient economy.
Presco PLC is one of Nigeria’s oldest and largest oil palm firms, with operations dating back to the 1970s and extensive plantations in Edo and Delta states. The Ogun expansion marks its first major entry into the South-West state.
Neither Presco nor the Ogun State Government disclosed a timeline for the start of construction or operations.