Ondo State is positioning itself for a new phase of agro-industrial growth as Presco Plc unveils plans to invest an initial $200 million in oil palm plantations, a processing mill and an edible-oil refinery.
The proposed investment, announced during a visit by Presco’s management to Governor Lucky Aiyedatiwa could help transform parts of the state from primarily agricultural communities into centres of plantation-based industry, processing and employment.
For a state already celebrated for cocoa production, the Presco project offers the prospect of building a second major agricultural value chain around oil palm.
Presco Chief Executive Officer, Rasheed Sarumi, said the company’s entry into Ondo State was a return to its South-West roots.
The Ondo project is expected to contribute to the national objective while strengthening the state’s role in Nigeria’s agricultural economy.
For the investment to move from proposal to reality, Governor Aiyedatiwa has assured the company that the state will provide the enabling environment needed for operations to begin smoothly.
Presco’s Ondo project is part of a larger investment strategy. The company says it plans to invest $1.25 billion before 2030 to develop an additional 50,000 acres of oil palm plantations.
Presco’s proposed investment offers Ondo a chance to strengthen its position in agriculture, create jobs and build an oil palm value chain that connects rural farms to industrial production.
If the plan is implemented as outlined, Ondo state could emerge as an important hub for palm oil cultivation, processing and refining in Nigeria.
