Ogun State’s investment drive received another boost on Monday as leading agribusiness firm Presco Plc announced plans to establish operations in the state with an initial investment of $100 million.
The Group Chief Executive Officer of Presco Plc, Mr. Adewale Arikawe, disclosed this after a meeting with Governor Dapo Abiodun at the Governor’s Office, Oke-Mosan, Abeokuta. He said the company chose Ogun after assessing its favourable business environment, strategic location, robust infrastructure and investor-friendly policies.
Arikawe explained that Presco, one of Nigeria’s foremost integrated oil palm companies with interests spanning plantation development, processing, refining and the production of finished consumer products, intends to support the state’s agricultural transformation agenda.
According to him, the investment is expected to create thousands of direct and indirect jobs, stimulate economic growth and further strengthen Ogun’s position as a leading destination for agricultural and industrial investments.
“We are a fully integrated oil palm business, from the farm to the table,” Arikawe said.
He noted that the company’s decision was influenced by the remarkable pace of development in the state.
“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.”
Arikawe disclosed that although the company is commencing with an initial investment of about $100 million, its overall investment in the project is projected to reach between $150 million and $200 million.
“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.
Also speaking, the Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, described the investment as another strong endorsement of Governor Dapo Abiodun’s economic policies, which he said have continued to position Ogun as a preferred destination for investors.
Owotomo noted that Presco Plc, a company with a market capitalisation of about ₦2 trillion, recently raised substantial capital from the Nigerian capital market, with a significant portion earmarked for investment in Ogun State.
He said the project would deepen the state’s agricultural value chain, enhance food security, promote rural development, boost internally generated revenue and create sustainable employment opportunities for thousands of residents.
According to him, the investment further reinforces Ogun’s growing reputation as a preferred destination for investors seeking a stable business environment and supportive government policies.
The Presco project adds to a growing list of strategic investments attracted by the Dapo Abiodun administration across agriculture, manufacturing, energy, housing and logistics, in line with its Building Our Future Together agenda for a resilient, diversified and inclusive economy.
