Presco Plc, Nigeria’s largest listed oil palm producer, plans to invest about $100 million to establish operations in Ogun State as the country seeks to cut palm oil imports.
Adewale Arikawe, group chief executive officer announced the investment after meeting Ogun Governor Dapo Abiodun in Abeokuta recently.
Nigeria, which once accounted for 43 percent of global palm oil supply, is now a net importer with less than five percent of global output.
The investment aims to expand domestic production and reduce reliance on foreign supply, while creating jobs in processing, farming and logistics.
Presco currently operates plantations in Edo and Delta states.
