By Precious Mark
The Ondo State Government has announced that Presco Plc will invest an initial 200 million Dollars in the state to build large-scale oil palm plantations, a processing mill, and a refinery.
The project was disclosed on Friday following a courtesy visit by the management of the agricultural company to Governor Lucky Orimisan Aiyedatiwa at the Government House in Akure.
The Chief Executive Officer of Presco Plc, Rasheed Sarumi, explained that the decision to bring the investment to Ondo State was driven by the investor-friendly policies of the current administration.
“This investment is a homecoming for us,” Presco CEO Rasheed Sarumi stated.
He noted that the massive project would help address Nigeria’s crude palm oil deficit, create jobs, boost local production, and reduce reliance on imports while maintaining high environmental standards.
Governor Lucky Aiyedatiwa welcomed the investment, stating that it will solidify Ondo State’s position as a major oil palm producing hub alongside its existing strength in cocoa production.
The governor promised that the state, through the Ondo State Development and Investment Promotion Agency (ONDIPA), would provide land, secure the environment, and eliminate bureaucratic delays to ensure a smooth project takeoff.
Also speaking during the visit, the Chief Executive Officer of SIAT Group, Adewale Arikawe, noted that the enterprise aligns directly with the state’s economic transformation agenda to drive rural development and industrial growth