Abia State Governor Alex Otti has announced that the state government will sign a Memorandum of Understanding (MoU) with Presco Plc for a $200 million investment in large-scale palm oil production and processing, which is expected to create over 5,000 jobs and revitalize the state’s agricultural economy.
Otti made the announcement on Friday while receiving a delegation from Presco Plc, led by Chairman Olakanmi Rasheed Sarumi, at Government House.
According to the governor, the next stage will be to prepare and sign an MoU to formalize the cooperation before the initiative is officially launched.
Otti said the investment is consistent with the state government’s objective of restoring Abia’s agricultural strength and repositioning the state as a significant participant in Nigeria’s palm oil industry.
He stated that the proposed 14,000-hectare plantation would serve as the project’s starting point, highlighting Abia’s favorable topography and fertile land, which make it ideal for high agricultural outputs.
“In principle, we are in agreement with you. I’m happy that you went back to history, to the days of Michael Okpara, who established the farm settlements, including the Ulonna Farm Settlement,” Otti said.
“I believe that 14,000 hectares may just be for a start because we have the right topography and quality of land capable of delivering some of the highest yields.”
The governor emphasized that his administration is committed to returning Abia to the agricultural golden age of the former Eastern Region under Okpara, when palm products were a significant economic driver.
He praised Presco Plc for undertaking full due diligence prior to presenting its proposal and told the delegation that the state government would facilitate land acquisition and guarantee investment protection.
Otti further stated that the state has a long-standing policy of compensating host communities to ensure peaceful and mutually beneficial development.
Earlier, Presco Plc.. Chairman Sarumi stated that the business intends to invest $200 million in palm oil production and processing in Abia, with the goal of transforming the state into a major processing hub in the Southeast.
He noted that the project would produce over 5,000 direct and indirect jobs in plantation operations, milling, logistics, and related services, as well as attracting downstream firms due to palm oil’s numerous industrial applications.
Sarumi regarded the effort as a modern continuation of the late Okpara’s agricultural revolution, which began with the farm settlement scheme.
According to him, the business has already identified Ozuitem, Abam, and Ulonna as potential plantation sites.
“Our investment here will add multi-billion naira annually to Abia State’s GDP through agricultural output, tax revenues, and multiplier effects across SMEs and local value chains,” he said.
Speaking also, Ike Chioke, group managing director of Afrinvest West Africa, praised the governor for insisting on a thorough evaluation process before finalizing any deal.
Chioke added that the visit followed previous interactions between the Abia State government and Presco Plc in the first quarter of 2025 under the state’s public-private partnership framework.
