Presco Plc to invest $200m in Ondo oil palm project
Agro-industrial firm, Presco Plc, has announced plans to invest an initial $200 million in Ondo State to develop large-scale oil palm plantations, a processing mill and a refinery as part of efforts to expand local production and strengthen Nigeria’s agricultural value chain.
The investment was unveiled on Friday during a visit by the company’s management to Governor Lucky Aiyedatiwa in Akure, where the governor pledged land, security and expedited approvals to ensure the project takes off without delays.
Speaking during the visit, Presco’s Chief Executive Officer, Rasheed Sarumi, described the expansion into Ondo as a “homecoming”, noting that the company was returning to the South-West after years of operating in other parts of the country. He said the decision was driven by the state’s investor-friendly environment.
Sarumi said Nigeria has a crude palm oil deficit of nearly one million tonnes, adding that the investment would help bridge the gap while boosting local production of edible oil and other palm-based products. He also disclosed that the project would include both a processing mill and a refinery.
The Presco CEO said the company operates under the globally recognised Roundtable on Sustainable Palm Oil (RSPO) certification, which requires compliance with strict environmental, social and community engagement standards before operations begin.
Responding, Governor Aiyedatiwa welcomed the investment, describing it as a major boost to Ondo’s agricultural and industrial development. He said the state government would work through the Ondo State Investment Promotion Agency to fast-track approvals and eliminate bureaucratic bottlenecks.
“I’ve already made up my mind that Presco must have a place there. We will be mapping out where we are going to give to you that will not be troublesome and will be safe,” the governor said, assuring the company that its investment would be adequately protected.
Also speaking, SIAT Group Chief Executive Officer, Adewale Arikawe, said the project aligns with the state’s economic transformation agenda. He said the initial $200 million investment would drive rural development, deepen industrialisation, create jobs and deliver long-term economic benefits to Ondo State and its host communities.
