Presco Plc, a leading agro-industrial oil palm company in West Africa, has announced plans to invest $200 million in Abia’s oil palm sector.
The company’s Chairman, Mr Olakanmi Sarumi, made this known on Friday when the management of the organization and Afrinvest visited Gov. Alex Otti in Nvosi, Isiala Ngwa South Local Government Area.
Sarumi said the proposed investment would involve the development of oil palm plantations on about 14,086 hectares of a 20,000-hectare concession in Ozuitem, Abam and Ulonna.
“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 realize this development,” he said.
He added that the project is expected to create more than 5,000 jobs directly and indirectly across plantation operations, milling, logistics and other support services.
Sarumi expressed hope that the initiative would curb rural migration and spur community development.
He also said the investment would boost agricultural output, support small and medium enterprises, and attract downstream industries reliant on palm oil derivatives.
“Our investment will add multi-billion naira annually to Abia State’s Gross Domestic Product (GDP) through agricultural output, tax revenues and multiplier effects across SMEs and local value chains,” he said.
Sarumi described the initiative as a continuation of the agricultural revolution pioneered by the former Eastern Nigeria Premier, late Dr Michael Okpara, whose administration transformed the region into a leading oil palm producer.
He appealed to the state government to assist in facilitating land acquisition for the project and pledged that the company would pay compensation based on an agreed plan.
In his remarks, the Group Managing Director of Afrinvest, Dr Ike Chioke, said the visit followed discussions between the Abia Government and Presco Plc in the first quarter of 2025 under the state’s Public-Private Partnership framework.
Chioke commended Otti for insisting on a thorough evaluation before any partnership would be finalized and expressed confidence that the engagement would be fruitful.
Responding, Otti commended the company for conducting thorough due diligence ahead of its proposed investment in the state’s oil palm sector.
He said the plan aligned with the historic agricultural vision of Okpara, whose farm settlement schemes once made the defunct Eastern Region a national leader in palm oil production.
He recalled that the former region achieved national prominence in oil palm output through well-structured farm settlements and pledged to restore Abia’s lost glory in the sector.
He emphasized that the state’s fertile land and favourable topography make it ideal for large-scale oil palm plantations, positioning Abia as a key driver of agricultural growth, job creation and economic prosperity.
“I’m happy that you went back to the days of Dr Michael Okpara, who set up farm settlements, including the Ulonna settlement.
“I think 14,000 hectares may just be a start. With the quality of our land, you are likely to achieve one of the highest yields,” the governor said.
He confirmed that the state government supports the investment, highlighting the project’s potential to create thousands of jobs and boost Abia’s GDP.
“If you are employing over 20,000 people, directly and indirectly, this will significantly contribute to the economy.
“That’s what interests me — jobs for my people and a positive impact on the GDP,” he said.
He disclosed that the next step would be the drafting and signing of a Memorandum of Understanding to move the project towards implementation.
The governor added that the state government would facilitate land acquisition and ensure fair compensation to the host communities.
