Presco Plc, a leading agro-industrial oil palm company in West Africa, has announced plans to invest $200 million in Abia State’s oil palm sector, in a development expected to create over 5,000 jobs and significantly boost the state’s agricultural output. The company’s Chairperson, Olakanmi Sarumi, disclosed the investment during a visit with Afrinvest to Governor Alex Otti at Nvosi in Isiala Ngwa South Local Government Area.
The proposed investment will develop oil palm plantations on approximately 14,086 hectares of a 20,000-hectare concession across Ozuitem, Abam, and Ulonna communities. Sarumi said the project would generate employment both directly and indirectly across plantation operations, milling, logistics, and support services, while also curbing rural migration and spurring community development.
“Our investment will add multi-billion naira annually to Abia State’s Gross Domestic Product through agricultural output, tax revenues, and multiplier effects across SMEs and local value chains,” Sarumi stated. He appealed to the state government to facilitate land acquisition, pledging that the company would pay compensation in accordance with an agreed plan.
Ike Chioke, Group Managing Director of Afrinvest, noted that the visit followed discussions between the Abia State Government and Presco Plc in early 2025 under the state’s Public-Private Partnership framework. He commended Governor Otti for insisting on thorough evaluation before finalising partnerships.
Governor Otti welcomed the investment, describing it as aligned with the historic agricultural vision of former Eastern Nigeria Premier Michael Okpara, whose farm settlement schemes once made the region a national leader in palm oil production. “I think 14,000 hectares may just be a start with the quality of our land – you are likely to achieve one of the highest yields,” the governor said.
Otti confirmed the state government’s full support, emphasising the project’s potential to create thousands of jobs and boost Abia’s GDP. He disclosed that the next step would involve drafting and signing a Memorandum of Understanding, with the state facilitating land acquisition and ensuring fair compensation to host communities.
The investment positions Abia as a key driver of agricultural growth in Nigeria’s South-East, reviving a sector that historically underpinned the region’s economic prosperity.
