Presco Plc, a prominent West African agro-industrial firm, has unveiled plans to invest $200 million into the oil palm sector of Abia State. The initiative aims to revitalize the region’s agricultural landscape and stimulate significant economic growth through a large-scale plantation and processing framework.
The announcement was made by Presco Plc Chairperson, Olakanmi Sarumi, during a high-level meeting with Governor Alex Otti at the Governor’s residence in Nvosi. Accompanying the Presco management team were representatives from Afrinvest, the investment firm facilitating the partnership.
The proposed $200 million capital injection will focus on developing oil palm plantations across approximately 14,086 hectares. This development is situated within a 20,000-hectare concession spanning the Ozuitem, Abam, and Ulonna communities. According to Mr. Sarumi, the project is designed to be a mutually beneficial relationship, with the state government expected to facilitate land acquisition and provide the necessary security infrastructure to ensure the project’s long-term viability.
Beyond agricultural output, the investment is projected to be a major catalyst for employment. Presco Plc estimates the creation of over 5,000 direct and indirect jobs, ranging from plantation management and milling operations to logistics and support services. Mr. Sarumi stated that the investment will add multi-billion naira annually to Abia State’s Gross Domestic Product through agricultural output, tax revenues, and multiplier effects across local value chains. He further emphasized that the initiative aims to curb rural-to-urban migration by fostering community development in the host regions.
The investment strategy draws inspiration from the agricultural policies of the late Dr. Michael Okpara, the former Premier of Eastern Nigeria. Under Okpara’s leadership, the region became a global leader in palm oil production through structured farm settlements. Governor Alex Otti lauded the proposal, noting its alignment with his administration’s vision to restore Abia’s status as an agricultural powerhouse. The Governor remarked that 14,000 hectares may just be the beginning given the state’s fertile topography and high yield potential.
The partnership is being executed under Abia State’s Public-Private Partnership framework. Ike Chioke, Group Managing Director of Afrinvest, confirmed that the engagement followed rigorous evaluations initiated in the first quarter of 2025. Governor Otti confirmed that the state is prepared to move forward with the drafting and signing of a Memorandum of Understanding. He assured stakeholders that the government would oversee fair compensation for host communities and streamline the land acquisition process to ensure a seamless transition into the implementation phase.
