Abia State Signs $200M MoU for Palm Oil Investment

On Friday, Abia State Governor Alex Otti disclosed plans to sign a $200 million Memorandum of Understanding with Presco PLC, a major oil palm producer operating in Nigeria and Ghana. This partnership aims to invest in palm oil production in Abia State.

The governor received a delegation led by Presco's chairman, Olakanmi Sarumi, to discuss the next steps for the collaboration. The proposed development will cover 14,000 hectares of plantation, which Otti described as a starting point for investment, emphasizing Abia's favorable topography and fertile soil for high agricultural yield.

The initiative is expected to create 5,000 direct and indirect jobs and stimulate local community development. Sarumi highlighted that Presco PLC plans to invest in modern agricultural practices, making Abia a major palm oil processing hub in the Southeast.

The project aligns with the state government's vision to transform Abia into one of Nigeria's top three industrial plantation clusters by 2032, contributing significantly to the state's GDP and agricultural tax revenue.