Presco Plc has announced an initial $200 million investment in Ondo State to develop large-scale oil palm plantations, a processing mill and a refinery, marking a major boost to the state’s agricultural and industrial sectors.
During a visit to Governor Lucky Orimisan Aiyedatiwa in Akure, the company said its decision was driven by the state’s investor-friendly environment. Governor Aiyedatiwa pledged land, security and expedited approvals to ensure the project’s successful implementation.
Presco CEO Rasheed Sarumi described the move as a “homecoming” for the company, noting that the investment will help address Nigeria’s crude palm oil deficit while creating jobs, promoting local production and reducing imports. He also emphasized the company’s commitment to internationally recognised sustainability standards under the RSPO certification.
SIAT Group CEO Adewale Arikawe said the project aligns with the governor’s economic transformation agenda and will drive rural development, industrialisation and inclusive economic growth.
Governor Aiyedatiwa welcomed the investment, noting that it will strengthen Ondo State’s position as a leading oil palm-producing hub while complementing its dominance in cocoa production. He assured the investors that the state, through ONDIPA, would eliminate bureaucratic bottlenecks and provide a secure environment for the investment to thrive.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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