• Presco discussing palm oil project with Abia State government
• $200 million plan for 14,000-hectare plantation and processing facilities
• Project could create over 5,000 jobs, state officials say

Nigerian agro-industrial group Presco Plc is in discussions with the Abia State government to develop a new industrial project in the palm oil sector. In a statement published on March 13, the state government said a memorandum of understanding would soon be signed to facilitate the project.

If implemented, the agreement would mark an expansion for Presco, which currently operates industrial facilities and manages six oil palm plantations in three Nigerian states: Edo, Delta and Rivers.

According to the Abia State government, the project includes the development of a 14,000-hectare oil palm plantation and the construction of processing facilities, representing an initial investment of $200 million. Authorities said the company has already identified three potential locations for the plantations: Ozuitem, Abam and Ulonna.

State officials said the project could generate more than 5,000 direct and indirect jobs, particularly on plantations, in processing activities, logistics and related services. It is also expected to create employment opportunities for young people, help reduce rural exodus and support local economic development.

For Presco, the investment would strengthen its production capacity for palm oil and its derivatives, in a sector where the company is already a major market player. In its 2025 annual report, Presco reported revenue growth of 38.58% year-on-year, with sales reaching 245.3 billion naira (about $137 million).

In Nigeria, the company produces a range of palm-based products, including refined, bleached and deodorized palm oil, palm olein, palm stearin, palm fatty acid distillate and crude palm oil, as well as crude and refined palm kernel oil. It also produces palm kernel cake for industrial and agricultural uses. In 2024, Presco expanded its regional presence through the acquisition of a 52% stake in the Ghana Oil Palm Development Company (GOPDC), strengthening its footprint in West Africa.

Stéphanas Assocle