The Ogun State Government has concluded an investment partnership with Presco PLC to establish an integrated oil palm plantation and processing operation in the state, drawing an initial capital deployment of $100 million. The Group Chief Executive Officer of Presco PLC, Mr. Adewale Arikawe, confirmed the investment framework following an executive meeting with Governor Dapo Abiodun at the Governor's Office in Abeokuta on Monday. The facility will encompass plantation development, industrial processing, refining, and consumer goods manufacturing.
The administrative engagement, facilitated by the State Ministry of Agriculture and Food Security, leverages Ogun State’s strategic location and infrastructure corridor to drive its agricultural transformation agenda. Presco PLC plans to scale the investment to between $150 million and $200 million, injecting substantial funds derived from the Nigerian capital market into the state economy. This large-scale agro-industrial footprint is designed to enhance domestic food security, expand the local agricultural value chain, and create thousands of direct and indirect jobs for rural and urban residents.
Securing this capital injection reflects the executive administration's institutional capability to attract high-value corporate investments under its "Building Our Future Together" agenda. By successfully converting regulatory policies into tangible private sector commitments, the Ogun State Government strengthens its internally generated revenue base. This initiative provides a sustainable model for sub-national economic diversification, boosting agro-allied capacity and driving industrial development across rural areas.
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