Edo State Receives $100M FDI Boost for Presco's Palm Oil Expansion

Edo State in Nigeria secures a $100 million foreign direct investment from Belgian agro-industrial group SIAT NV to support the expansion of Presco PLC (NGX: PRESCO), a major palm oil producer. The investment is part of a larger $1 billion commitment to enhance operations in Nigeria over the next decade.

The funding will be used to increase production capacity, upgrade technology, and create job opportunities, aligning with Nigeria's efforts to boost the agro-industrial sector. The move reflects confidence in Nigeria's economic reforms and leadership, aiming to reduce dependence on foreign vegetable oil imports.