Ogun State has secured another major investment boost as Presco PLC, one of Nigeria’s leading integrated oil palm companies, unveiled plans to establish operations in the state with an initial investment of about $100 million, expected to rise to between $150 million and $200 million.
The investment, announced after a meeting between Governor Dapo Abiodun and the Group Chief Executive Officer of Presco PLC, Adewale Arikawe, at the Governor’s Office in Oke-Mosan, Abeokuta, underscores growing investor confidence in the state’s business-friendly environment and economic policies.
Arikawe said Presco selected Ogun after assessing its strategic location, improving infrastructure and the Abiodun administration’s commitment to creating an enabling environment for businesses.
Describing the company as a fully integrated oil palm enterprise operating from plantation development to the production of finished consumer goods, he said the investment aligns with Ogun State’s agricultural transformation agenda while supporting economic growth and employment.
“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,” Arikawe said.
He disclosed that the total investment is projected to reach between $150 million and $200 million, creating thousands of direct and indirect jobs while increasing the state’s revenue base.
Also speaking, the Commissioner for Agriculture and Food Security, Bolu Owotomo, described the investment as another vote of confidence in the administration’s economic policies.
According to him, Presco PLC, with a market capitalisation of about ₦2 trillion, recently raised substantial funding from the Nigerian capital market, with a significant portion earmarked for its Ogun State project.
Owotomo said the investment would strengthen the state’s agricultural value chain, improve food security, stimulate rural development, boost internally generated revenue and provide sustainable employment opportunities for thousands of residents.
The Presco project joins a growing list of strategic investments attracted by the Dapo Abiodun administration across agriculture, manufacturing, energy, housing and logistics, reinforcing Ogun State’s position as one of Nigeria’s leading destinations for business and industrial investment.
