Stephen Ukandu, Umuahia
Leading agro-industrial company, Presco Plc, has unveiled plans to invest about $200 million in large-scale palm oil production and processing in Abia State, a project expected to generate over 5,000 direct and indirect jobs while strengthening the state’s agricultural economy.
Chairman of the company, Olakanmi Rasheed Sarumi, disclosed the investment plan during a visit by the company’s delegation to Abia State Government House, where they held discussions with Governor Alex Otti.
Sarumi said the proposed investment is designed to establish Abia as a major palm oil processing hub in Nigeria’s South-East, while also stimulating economic activities across agriculture, logistics, and agro-based industries.
He explained that the project would cover the development of a 14,000-hectare oil palm plantation, alongside modern processing facilities that will support large-scale production.
According to him, the initiative will create thousands of jobs across plantation management, milling operations, transportation, and other related services, while also attracting downstream industries that rely on palm oil as a key raw material.
Sarumi described the investment as a continuation of the agricultural legacy of the late Eastern Region Premier, Michael Okpara, who championed the farm settlement scheme that once made the region a major hub for palm produce.
He revealed that the company has already identified Ozuitem, Abam, and Ulonna as potential locations for the plantation project.
“Our investment here will add **multi-billion naira annually to Abia’s Gross Domestic Product through agricultural output, tax revenues, and multiplier effects across SMEs and local value chains,” Sarumi said.
Responding, Governor Otti welcomed the proposal and expressed the state government’s readiness to collaborate with the company to actualise the investment.
He said the state would work towards finalising a Memorandum of Understanding (MoU) with Presco Plc to formalise the partnership and pave the way for the commencement of the project.
The governor also assured the investors of the state government’s support in facilitating land acquisition, security, and engagement with host communities, stressing that the administration maintains a policy of adequate compensation for affected communities.
Otti noted that Abia possesses fertile land and favourable topography capable of supporting high agricultural yields, adding that the proposed plantation could expand beyond the initial 14,000 hectares.
He reiterated his administration’s commitment to reviving Abia’s agricultural sector and restoring the state’s historic position as a major producer of palm produce.
Speaking during the meeting, the Group Managing Director of Afrinvest West Africa, Ike Chioke, commended the governor for insisting on a thorough evaluation process before the partnership was considered.
Chioke explained that the engagement followed earlier discussions between the Abia State Government and Presco Plc in the first quarter of 2025 under the state’s Public-Private Partnership framework, aimed at attracting strategic investments to drive economic growth.
