By: Lanre Shodimu
An agro-industrial firm, Presco has announced plans to establish operations in Ogun state with an initial investment of about $100 million to boost oil palm agriculture in the state .Adewale Arikawe, the group chief executive officer (CEO) of the oil palm giant, made this known at an investment meeting with Dapo Abiodun, Ogun governor, at his office in Oke-Mosan, Abeokuta.Arikawe said Presco, whose operations span plantation development, processing, refining and the production of finished consumer products, selected Ogun after assessing its business environment, strategic location, infrastructure and policies aimed at attracting investment.
“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,” He noted.“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.”
He added.The state government, in the statement, said the investment underscores the confidence of local and international investors in the state’s business environment and investment policies under the administration of Abiodun.Bolu Owotomo, Ogun state commissioner for agriculture and food security, said Presco, with a market capitalisation of about N3 trillion, recently raised substantial capital from the Nigerian capital market.Owotomo said a significant portion of the funds raised would be invested in Ogun, describing the development as another endorsement of the state’s investment drive under Abiodun’s administration.
He said the investment would expand the state’s agricultural value chain, enhance food security, boost internally generated revenue (IGR), promote rural development and create sustainable jobs for thousands of residents.The commissioner said the investment is the latest in a series of projects attracted by the state government across agriculture, manufacturing, energy, housing, and logistics as part of efforts to build a diversified economy.
