​Ogun State Secures $100 Million Oil Palm Investment from Presco PLC

​ABEOKUTA – Ogun State’s drive to become Nigeria’s premier agro-industrial hub has received a major boost with the announcement of a $100 million initial investment by Presco PLC. The company, a market leader in the Nigerian integrated oil palm sector, confirmed its expansion into the state following high-level deliberations with the state government.

​The investment is part of a broader commitment by the firm, which executives suggest could eventually scale between $150 million and $200 million. This strategic move aims to integrate farm-to-table operations within the state, encompassing plantation development, processing, refining, and the manufacturing of finished consumer products.

​A Strategic Partnership for Economic Growth

The decision to set up operations in Ogun State comes after an exhaustive evaluation of the state’s industrial infrastructure, strategic logistics location, and the current administration’s business-friendly policies. Mr. Adewale Arikawe, Group Chief Executive Officer of Presco PLC, noted that the state’s developmental trajectory aligns perfectly with the company’s vision for an inclusive, job-rich agricultural economy.

​”We are a fully integrated oil palm business, and we view Ogun State as the ideal environment for our next phase of expansion,” Arikawe stated during his visit to the Governor’s Office in Oke-Mosan. “Beyond supporting the state’s agricultural transformation, this project is designed to create thousands of jobs and significantly bolster the state’s internally generated revenue.”

​Strengthening Food Security and Industrial Value Chains

The Ogun State Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, hailed the investment as a significant endorsement of Governor Dapo Abiodun’s “Building Our Future Together” agenda. He highlighted that Presco PLC—a company with a market capitalization exceeding ₦2 trillion—will be leveraging fresh capital recently raised in the Nigerian market to accelerate its footprint in the state.

​”This is not just about agricultural production; it is about deepening the value chain to enhance food security and promote rural development,” Owotomo remarked. “The presence of a Tier-1 player like Presco serves as a catalyst for further industrial growth and will provide sustainable employment for thousands of our residents.”

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​Momentum in Nigeria’s Agribusiness Sector

This development arrives as Presco PLC continues a period of robust growth. The company, which recently reported impressive financial performance for the 2025 fiscal year, remains focused on aggressive expansion across Nigeria. By establishing a base in Ogun State, the firm aims to leverage the state’s proximity to major markets and export gateways, further cementing its position as a dominant force in the West African specialty fats and oils industry.

​This latest project adds to a growing portfolio of high-value investments secured by the Abiodun administration, further establishing Ogun State as a preferred destination for both local and international capital in sectors ranging from manufacturing and logistics to large-scale agriculture.