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The Abia State Government has formally approved a major agro-industrial initiative by Presco Plc to scale up palm oil production across the state. The project is strategically designed to generate 5,000 new jobs and stimulate growth for local small and medium enterprises. Key components of the plan include the comprehensive rehabilitation of the Ulonna Farm Settlement in Umuahia and the establishment of new palm oil plantations in Ozuitem and other strategic districts.
Governor Alex Otti announced the approval during a high-level meeting at the Government House in Umuahia with a delegation from Presco Plc, led by its chairman, Rashid Sarumi. Governor Otti pledged the state's full support in facilitating land access and finalizing regulatory agreements to ensure an immediate commencement of operations. He emphasized that Abia is a prime destination for investment due to its skilled labor pool and robust government backing for industrial ventures. Sarumi noted that the company had conducted seven months of stakeholder engagement to ensure the viability of the project, which is expected to boost state tax revenues and create a massive demand for local logistics and support services.
In a parallel development within Nigeria's agricultural sector, WACOT Limited and the Edo State Government have renewed their fertilizer production agreement at the Auchi facility. Originally established in 2017, the partnership aims to enhance local fertilizer availability and support national food security. Sadiq Kassim, President of the Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN) and Director of Corporate Affairs at TGI Group, highlighted the facility's unique capability to produce crop-specific chemical blends tailored to the soil requirements of the South-South and North-East regions.
Naveen Chaurasia, Managing Director of WACOT Limited, stated that the renewal demonstrates the success of public-private partnerships in reviving moribund industrial assets. However, the sector faces headwinds as farmers struggle with fertilizer prices surging to ₦50,000 per bag, up from ₦20,000-₦30,000 last year. To mitigate this, the Federal Government, through the National Agricultural Development Fund (NADF), launched the Renewed Hope Farm Input Support Programme. Vice President Kashim Shettima recently flagged off the distribution of 515,720 bags of urea and NPK fertilizers to 128,930 smallholder farmers across 25 states, aiming to lower production costs and stabilize food prices amidst rising inflation and insecurity.
Source: MSME Africa