Abia State Governor Alex Otti has announced that the state government is finalizing a $200 million Memorandum of Understanding (MoU) with Presco Plc, one of Nigeria’s leading oil palm producers, to drive large-scale palm oil cultivation and processing in the state.
The governor disclosed the upcoming agreement during a recent engagement, highlighting it as a key step in his administration’s agenda to revitalize agriculture, create jobs, and boost economic diversification in Abia.
Presco Plc, which already operates extensive oil palm estates and processing facilities in Edo, Delta, and other states as well as in Ghana is expected to bring significant capital, expertise, and modern farming techniques to Abia.
The investment is anticipated to focus on expanding plantation areas, establishing or upgrading palm oil mills, and developing the full value chain, including refining and downstream products.
Governor Otti emphasized that the partnership aligns with efforts to leverage Abia’s fertile land and favorable climate for oil palm production, positioning the state as a major contributor to Nigeria’s palm oil output.
The sector has long been identified as one of the country’s most promising agribusiness opportunities, with strong domestic demand and export potential.
The $200 million commitment is expected to generate thousands of direct and indirect jobs, improve rural livelihoods, reduce reliance on imported vegetable oils, and support broader goals of food security and industrial growth.
Details of the MoU, including specific locations for plantations and timelines for implementation, are expected to be released following the formal signing ceremony.
The announcement has been welcomed by stakeholders in the agriculture and business communities as a major boost for Abia’s economic recovery and development under the current administration.
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