The Governor of Alex Otti has revealed that the Abia State government is preparing to sign a $200 million Memorandum of Understanding (MoU). With leading agribusiness company Presco Plc to expand palm oil production in the state.
The planned partnership is part of the state’s broader strategy to revitalize agriculture, attract investment, and create jobs. Particularly within the palm oil sector, which has historically been a major economic driver in southeastern Nigeria.
Reviving Palm Oil Production
According to Governor Otti, the agreement with Presco Plc aims to develop large-scale oil palm plantations and modern processing facilities that will significantly increase palm oil output in Abia. The project is expected to reposition the state as a major hub for palm oil production in Nigeria.
Nigeria was once one of the world’s leading producers of palm oil. But production declined over the decades as countries like Indonesia and Malaysia took the lead. The Abia government believes this investment could help restore the country’s competitiveness in the global palm oil market.
Jobs and Economic Growth
The $200 million investment is also expected to generate thousands of direct and indirect jobs across farming, processing, logistics, and distribution. Local communities are likely to benefit from employment opportunities, improved infrastructure, and economic activity linked to the project.
Governor Otti emphasized that agriculture remains a key pillar of his administration’s economic development agenda. Especially in areas where the state has natural advantages such as fertile land and suitable climate conditions.
Strengthening Agribusiness in Nigeria
With Presco Plc, which operates in both Nigeria and Ghana, bringing its expertise in palm cultivation and processing. The collaboration is expected to introduce modern agricultural techniques and efficient production systems.
If successfully implemented, the initiative could strengthen Nigeria’s agricultural value chain, reduce reliance on imported palm oil, and support the country’s push toward greater food and industrial self-sufficiency.
