Abia State is poised to ink a $200m Palm Oil investment deal aimed at reclaiming the State’s historical status as an agricultural powerhouse.
Receiving a delegation from Presco PLC, Abia State Governor, Alex Otti expressed the state’s readiness to sign a Memorandum of Understanding (MoU) with the market-leading oil palm producer to formalize a $200 million investment in palm oil production and processing.
This partnership is designed to revitalize the state’s plantation agriculture, drawing inspiration from the transformative “mgolden era of the late Dr. Michael Okpara, whose farm settlements once served as the economic heartbeat of the region.
The proposed investment involves the development of 14,000 hectares of plantations across identified locations in Ozuitem, Abam, and Ulonna.
Governor Otti noted that Abia’s fertile land and favorable topography provide the ideal conditions for high agricultural yields, which will directly contribute to job creation and GDP expansion.
The Governor further assured the Presco delegation, led by Chairman Olakanmi Rasheed Sarumi, that the state would facilitate land acquisition and provide necessary security support, emphasizing a policy of fair compensation to host communities to ensure a harmonious and mutually beneficial development process.
Mr. Sarumi highlighted that the $200 million commitment aims to establish Abia as a primary processing hub for the Southeast, a move expected to attract significant downstream industries and create over 5,000 direct and indirect jobs.
By transforming the state into one of Nigeria’s top industrial plantation clusters by 2032, the project is projected to contribute billions of naira annually to the state’s economy through tax revenues and the stimulation of local value chains.
The Group Managing Director of Afrinvest, Dr. Ike Chioke, who facilitated the due diligence process, commended the administration’s thoroughness, noting that this milestone is the culmination of strategic discussions held since early 2025.