Key points
- Presco Plc announces $200 million investment in Abia’s oil palm industry.
- Project will develop over 14,000 hectares of plantation across three communities.
- Investment expected to create more than 5,000 jobs and boost Abia’s GDP.
Main story
Presco Plc has unveiled plans to invest $200 million in the development of the oil palm sector in Abia State as part of efforts to expand agro-industrial activities and strengthen agricultural value chains in the region.
The proposed project will involve the establishment of large-scale oil palm plantations covering approximately 14,086 hectares within a 20,000-hectare concession located in Ozuitem, Abam, and Ulonna communities.
The investment plan was disclosed during a meeting between the company’s management team and Alex Otti in Nvosi, Isiala Ngwa South Local Government Area.
Officials said the initiative would support agricultural development and create employment opportunities through plantation operations, palm oil processing, logistics, and other related services.
The project is also expected to stimulate rural economic activities, strengthen small and medium enterprises, and attract downstream industries that depend on palm oil derivatives.
Industry stakeholders at the meeting noted that the development aligns with Abia State’s broader strategy to revitalise agriculture and position the state as a leading hub for oil palm production.
The issues
Nigeria’s oil palm industry, once a global leader, has struggled with declining production and limited investment over the decades.
Experts say revitalising the sector requires large-scale investments, improved plantation management, and stronger collaboration between government and private investors.
Land acquisition, community engagement, and infrastructure development also remain key considerations for large agricultural projects.
What’s being said
Chairman of Presco Plc, Olakanmi Sarumi, said the investment aims to build a mutually beneficial partnership with the Abia State Government and local communities.
“Our task from His Excellency and the state is to establish a mutually beneficial relationship, facilitate land acquisition for Presco Plc, and provide security support to realise this development,” he said.
Sarumi added that the project would generate employment and contribute significantly to the state’s economic growth.
“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,” he said.
Group Managing Director of Afrinvest, Ike Chioke, said the visit followed earlier discussions held in the first quarter of 2025 under the state’s public-private partnership framework.
Governor Alex Otti welcomed the proposal, noting that the project reflects the agricultural vision pioneered by former Eastern Region Premier Michael Okpara.
“I’m happy that you went back to the days of Dr Michael Okpara, who set up farm settlements, including the Ulonna settlement,” he said.
What’s next
The Abia State Government and Presco Plc are expected to proceed with drafting and signing a Memorandum of Understanding to formalise the partnership and commence project implementation.
The government has also pledged to facilitate land acquisition and ensure fair compensation for host communities.
Bottom line
The planned $200 million investment in Abia’s oil palm sector could revive large-scale agricultural production, create thousands of jobs, and strengthen the state’s economy through agro-industrial growth.
