The agro-industrial company Presco Plc has just secured a substantial foreign investment, a $100 million cash injection from Belgian agribusiness leader SIAT NV to finance its expansion plans in Edo State. The deal marks a pivotal moment for both the company and the state’s agricultural sector.
According to official statements, the funds will be channelled into scaling up industrial capacity, enlarging plantation acreage, and accelerating value-addition across Presco’s operations, from crude palm oil production to refined edible oils and specialty fats. The investment is described as the first phase of a broader commitment: a long-term vision by SIAT NV and Presco to support agro-industrial growth in Nigeria, with a potential overall FDI commitment reportedly targeting as much as one billion dollars over the coming decade.
The infusion of foreign capital comes at a time when Presco is riding high on strong financial performance. In its 2024 results, the company recorded a 102.6 % leap in revenue, growing from ₦102.4 billion to ₦207.5 billion. Its Profit Before Tax more than doubled, a 128.7 % increase reaching ₦113.2 billion. Gross profit rose by 120 % to ₦142 billion, and EBITDA surged by 125.2 % to ₦119.1 billion. Earnings per share jumped 57.5 %, and the company declared a final dividend of ₦42 per share. The market rewarded this performance, with Presco’s share price appreciating by 146 % over the financial year.
This new capital injection will likely bolster Presco’s ambitions to expand its plantation footprint, not just in Edo State but potentially beyond, as it seeks to deepen its market leadership across West Africa and reduce dependence on imported edible oils.
As part of the broader strategy, the recent rights issue launched by Presco, which is worth ₦237 billion (roughly corresponding to around $164 million), underscores the company’s aggressive growth posture. The proceeds are to support both new (“Greenfield”) and existing (“Brownfield”) projects aimed at reinforcing production capacity and regional reach.
Chairman Rasheed Sarumi emphasized during the announcement that Nigeria and Edo State remain at the heart of Presco’s long-term strategy. He said the fresh commitment reflects confidence in Nigeria’s policy direction, macroeconomic resilience, and the robust governance environment in Edo State, factors that have strengthened investor trust.
With expanded operations, Presco expects to drive technological adoption, talent development, and improved efficiencies across its production chain, from plantation management to refining and packaging. This, the company hopes, will translate into far-reaching benefits: more jobs, enhanced local capacity, and increased availability of locally-produced edible oils which could reduce reliance on imports and generate foreign-exchange savings.
On the state level, leaders in Edo view the investment as a vote of confidence. The local government has reaffirmed its commitment to supporting Presco and by extension, agro-industrial development while stressing that the state is reinforcing conditions to attract more industrial capital.
Overall, this infusion of $100 million isn’t just a boost for one company; it signals growing investor appetite for Nigeria’s agriculture sector, and a strengthening of the country’s agricultural industrial base.
This $100 million Foreign Direct Investment into Presco injects fresh capital into Nigeria’s agro-industrial economy, potentially boosting export capacity, reducing import dependency for edible oils, and generating thousands of jobs in Edo State. It also strengthens Nigeria’s foreign exchange earnings and signals investor confidence in the country’s economic direction.
