Abia state, under the leadership of Dr Alex Otti, is set to sign a $200 million Palm oil deal with Presco Plc, Nigeria’s leading palm oil producer.
The two entities are expected to sign a Memorandum of Understanding (MOU) for a $200 million investment. The investment in large-scale palm oil production and processing will create over 5,000 jobs for Abia’s local economy.
The Abia state governor announced the prospective deal on Friday while receiving a delegation from Presco Plc, led by Olakanmi Rasheed Sarumi, the firm’s Chairman.
Otti added that the next step will be signing the MOU, followed by the Project’s official flagging off. He stated that the project aligns with his administration’s quest to revive Abia’s agricultural economy. He revealed that the state has the required arable land to pull off the project.
“In principle, we are in agreement with you. I’m happy that you went back to history, to the days of Michael Okpara. He established the farm settlements, including the Ulonna Farm Settlement,” Otti said.
“I believe that 14,000 hectares may just be for a start because we have the right topography and quality of land. The land is capable of delivering some of the highest yields,” Otti said.
Presco Plc Eyes Multi-Billion Naira Yields
Governor Otti commended the Presco PLC Team for conducting due diligence before presenting their proposal to his government. He assured the Presco Team of the required land area and security to ensure the project’s smooth execution.
Sarumi believes the proposed palm oil project will transform Abia State into a major palm oil producer in the east.
“Our investment here will add multi-billion naira annually to Abia State’s GDP through agricultural output, tax revenues and multiplier effects across SMEs and local value chains,” he said.
Presco PLC reported a record-breaking annual revenue of ₦331.19 billion in 2025. This was an impressive financial year for the firm, a personal record. The palm oil-producing company is a top prospect amongst investors in the Nigerian Stock Exchange.
