The Abia State Government, under the leadership of Governor Dr. Alex Otti, OFR, is poised to formalize a landmark $200 million Memorandum of Understanding (MoU) with Presco Plc, one of West Africa's premier agro-industrial oil palm companies. This strategic partnership aims to revitalize the state's historic palm oil sector and drive sustainable economic growth.
The announcement follows a productive high-level engagement between Governor Otti and a delegation from Presco Plc, led by Chairman Mr. Olakanmi Sarumi. The proposed investment focuses on large-scale oil palm plantation development, agro-processing, and value chain enhancement, positioning Abia as a key hub for palm oil production in Nigeria.
Presco's expansion plan includes establishing plantations across approximately 14,086 hectares within a broader 20,000-hectare concession. Key project sites encompass Ozuitem, Abam in Arochukwu Local Government Area, and the Ulonna farm settlements spanning Abia North and Central Senatorial zones.
This initiative builds directly on the foundational legacy of late Dr. Michael Okpara, former Premier of the Eastern Region, who pioneered large-scale oil palm cultivation in the area decades ago.
"The revival of oil palm in Abia is about reclaiming our proud agricultural heritage while creating real opportunities for our people," Governor Otti emphasized. "This partnership with Presco Plc aligns perfectly with our administration's focus on agriculture-led industrialization, job creation, export growth, and food security.
We are committed to providing all necessary facilitation including secure land access, infrastructure support, and an enabling policy environment to ensure swift and successful implementation."
Mr. Sarumi highlighted Presco's strategic intent, noting that the $200 million commitment forms part of the company's broader expansion across Nigeria and the sub-region. The project is anticipated to generate thousands of direct and indirect employment opportunities, empower local communities through outgrower programs and skill development, stimulate ancillary industries, and significantly boost Abia's contribution to national palm oil output.
Governor Otti commended Presco for recognizing Abia's improved investment climate, characterized by enhanced security, infrastructure rehabilitation, fiscal responsibility, and reforms that have elevated ease of doing business in the state.
The next immediate step involves drafting and executing the formal MoU, paving the way for accelerated project rollout and long-term mutual benefits.
This prospective deal further underscores the growing investor confidence in Abia State under Governor Otti's leadership, following a series of strategic partnerships in agriculture, infrastructure, and industrial development.