Edo State has secured a major economic boost as Presco Plc confirmed the injection of a fresh $100 million foreign direct investment (FDI) from its parent company, SIAT NV. The investment is expected to accelerate large-scale agricultural expansion, enhance processing capacity, and reinforce Edo’s position as one of Nigeria’s leading agro-industrial hubs.
Receiving the Presco management team in Benin City, Governor Monday Okpebholo reaffirmed his administration’s commitment to creating a secure and investor-friendly environment for agribusinesses. He described Edo as a “safe haven” for local and international investors and pledged full governmental support for the company’s expansion drive.
Presco’s Chairman, Rasheed Sarumi, described the investment as historic, noting that the $100 million injection stands among the largest single agricultural FDIs in Nigeria in recent years. According to him, improved security and governance stability in Edo were key factors in SIAT’s decision to deepen its footprint in the state.
The development comes amid public concerns earlier in the year over reports of land revocation affecting Presco. The Edo State Government has since dismissed the claims, clarifying that only a small parcel of land linked to oil assets was under technical review—while Presco’s broader land rights remain intact.
Governor Okpebholo emphasized that the clarification was necessary to reassure investors and prevent misinformation from undermining the state’s economic momentum. “Edo welcomes investments that create jobs, enhance food production, and support industrial growth. Presco remains a valued partner,” he said.
The new FDI is expected to further expand Presco’s plantations, upgrade processing infrastructure, and boost local value-addition, with projected benefits in job creation, supply-chain strengthening, and increased output in Nigeria’s palm-oil sector.
Analysts say the move reinforces Edo’s growing profile as a major destination for agricultural and agro-industrial investment in the country. Visit www.jocomms.com for more news.
