Ogun State has secured an initial $100 million investment in the oil palm sector as Presco PLC commenced operations in the state.

The investment is expected to boost agricultural production, create employment opportunities and strengthen the state’s position as a major hub for agro-industrial development.

The project forms part of efforts to expand Nigeria’s oil palm value chain through increased local production, processing capacity and private sector participation.

Presco PLC’s entry into Ogun State is expected to support farmers, promote technology-driven agriculture and contribute to economic growth through increased investment in the agricultural sector.

The Ogun State Government said the partnership reflects its commitment to creating an enabling environment for investors and driving sustainable development through agriculture and industrialisation.

The investment is also expected to reduce reliance on imported palm products while improving value addition and strengthening Nigeria’s position in the global palm oil market.