Adewale Arikwe, Group CEO announced the investment after meeting with Ogun State Governor, Dapo Abiodun, in Abeokuta recently.

Nigeria, which once accounted for 43% of global Palm Oil supply, is now a net importer with less than 5% of global output.

The investment aims to expand domestic production and reduce reliance on foreign supply, while creating jobs in processing, farming, and Logostics.

Presco operates plantations in Edo and Delta States. Ariakwe said Presco, whose operations span plantation development, processing, refining and production of finished consumer products, selected Ogun State after assessing its business environment, strategic ocation, infrastruture and policies aimed at attracting investment(s) into the State. In a statement, he noted the company's investment is expected to support the State's Agricultural transformation agenda, vreate thousands of direct and indirect employment opportunities, stimulate economic growth and further strengthen Ogun State's position as Nigeria's leading industrial and agricultural investment destination.

CULLED FROM AN ONLINE BUSINESSDAY NEWSPAPER ARTICLE DATED JULY 8TH, 2026.