Ogun State is set to welcome another major private-sector investment as Presco PLC prepares to establish operations in the state, with an initial capital outlay estimated at $100 million. The development reinforces Ogun’s growing reputation as a preferred destination for business under Governor Dapo Abiodun’s investment-driven policies.
The company’s Group Chief Executive Officer, Mr. Adewale Arikawe, announced the plan after meeting with Governor Abiodun at the Governor’s Office in Oke-Mosan, Abeokuta.
Presco, one of Nigeria’s leading integrated oil palm companies, said it selected Ogun after evaluating the state’s business climate, strategic location, expanding infrastructure and government initiatives designed to attract long-term investments.
The proposed project is expected to strengthen agricultural production, generate thousands of jobs, stimulate economic activity and further enhance Ogun’s standing as a leading destination for industrial and agribusiness investments.
“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,” Arikawe said.
Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, revealed that Presco PLC recently secured significant funding through the Nigerian capital market, with a sizeable share earmarked for projects in Ogun State.
According to him, the investment will deepen the state’s agricultural value chain, improve food security, expand internally generated revenue, encourage rural development and create sustainable employment opportunities.
The Presco project joins several major investments secured by the Abiodun administration across key sectors including agriculture, manufacturing, housing, energy and logistics, reflecting the state’s continued drive to diversify its economy and promote inclusive growth.
