Governor of Abia State, Alex Otti, has announced plans by the state government to sign a Memorandum of Understanding (MoU) with Presco Plc for a $200 million investment in large-scale palm oil production and processing.
The project, according to the governor, is expected to create more than 5,000 direct and indirect jobs while reviving the agricultural sector and strengthening the state’s economy.
Otti disclosed this on Friday while receiving a delegation from Presco Plc led by its chairman, Olakanmi Rasheed Sarumi, at the Government House. He explained that the next step in the process would be the preparation and signing of the MoU to formally establish the partnership before the official launch of the project.
The governor said the proposed investment aligns with his administration’s vision of restoring Abia’s agricultural strength and repositioning the state as a major player in Nigeria’s palm oil industry.
According to him, the initiative will begin with the development of a 14,000-hectare plantation, noting that the state possesses fertile land and favourable topography capable of delivering high agricultural yields.
Otti also referenced the agricultural legacy of the late Michael Okpara, former Premier of the Eastern Region, who pioneered the farm settlement scheme that drove agricultural growth during his tenure.
“In principle, we are in agreement with you. I’m happy that you went back to history, to the days of Michael Okpara, who established the farm settlements, including the Ulonna Farm Settlement,” the governor said.
He assured the investors that the state government would support the project by facilitating land acquisition, ensuring security, and maintaining its policy of paying adequate compensation to host communities.
Earlier, Sarumi explained that the company intends to establish a modern palm oil production and processing hub in Abia, adding that the investment would stimulate economic activity across plantation operations, milling, logistics, and other related services.
He noted that locations such as Ozuitem, Abam and Ulonna have already been identified as potential sites for the plantation project.
Also speaking, the Group Managing Director of Afrinvest West Africa, Ike Chioke, commended the Abia State government for insisting on a comprehensive evaluation process before finalising the partnership.
Chioke said the engagement followed earlier discussions between the state government and Presco Plc in early 2025 under Abia’s Public-Private Partnership framework aimed at attracting strategic investments into the state.
