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Presco Plc has announced a significant $200 million initial investment in Nigeria's Ondo State, aimed at establishing extensive oil palm plantations, a state-of-the-art processing mill, and a refinery. This strategic move is poised to substantially bolster the state's agricultural and industrial capabilities.
The announcement was made during a visit by Presco representatives to Governor Lucky Orimisan Aiyedatiwa in Akure, where the company cited Ondo State's conducive investment climate as a key factor in its decision. Governor Aiyedatiwa, in turn, committed to providing essential resources, including land, robust security, and streamlined approval processes, to ensure the project's successful execution.
Rasheed Sarumi, CEO of Presco Plc, characterised the investment as a 'homecoming' for the company. He elaborated that this initiative would play a crucial role in mitigating Nigeria's crude palm oil deficit, fostering job creation, boosting domestic production, and ultimately reducing reliance on imports. Mr. Sarumi also underscored Presco's unwavering commitment to adhering to internationally recognised sustainability standards, particularly through RSPO certification.
Adewale Arikawe, CEO of SIAT Group, highlighted the project's synergy with Governor Aiyedatiwa's overarching economic transformation agenda. He affirmed that the investment is expected to stimulate rural development, drive industrialisation, and promote inclusive economic growth across the state.
Governor Aiyedatiwa enthusiastically welcomed the investment, noting its potential to solidify Ondo State's standing as a premier oil palm-producing hub, further complementing its existing leadership in cocoa production. He reassured the investors that the state, leveraging the efforts of the Ondo State Development and Investment Promotion Agency (ONDIPA), would actively work to eliminate bureaucratic hurdles and cultivate a secure environment conducive for the investment to flourish.
Source: Fresh Angle