Sets sights on 14,000 hectares, billions in GDP, and revival of Okpara’s agricultural dream
Nvosi, Abia State: Presco Plc, one of West Africa’s foremost oil palm companies, has announced a $200 million investment in Abia State’s oil palm sector — a move that promises to transform thousands of hectares of underutilised land into an agricultural powerhouse, create over 5,000 jobs, and inject multi-billion naira annually into the state’s economy.
The announcement came on Friday when Presco’s management, accompanied by Afrinvest Group, paid a working visit to Governor Alex Otti at Nvosi, Isiala Ngwa South Local Government Area — signalling that the investment has moved beyond boardroom talk into concrete planning.
Presco Chairman Olakanmi Sarumi told the governor the company intends to develop oil palm plantations across approximately 14,086 hectares of a 20,000-hectare land concession spanning Ozuitem, Abam, and Ulonna.
The investment, he said, would generate over 5,000 direct and indirect jobs across plantation operations, milling, logistics, and ancillary services — with the potential to stem rural-urban migration and catalyse community development across host areas.
“Our investment 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,” Sarumi said.
Beyond employment, he said the project would attract industries dependent on palm oil derivatives, strengthen small and medium enterprises, and significantly deepen Abia’s agricultural output.
Sarumi framed the investment as a deliberate continuation of a legacy — one rooted in the agricultural revolution championed by the late Dr Michael Okpara, Premier of the former Eastern Nigeria, whose farm settlement schemes once made the region Nigeria’s undisputed leader in palm oil production.
Governor Otti, visibly moved by the historical reference, embraced the framing.
“I’m happy that you went back to the days of Dr Michael Okpara, who set up farm settlements, including the Ulonna settlement,” he said. “I think 14,000 hectares may just be a start with the quality of our land — you are likely to achieve one of the highest yields.”
Otti pledged state support for land acquisition and fair compensation to host communities, underscoring his administration’s commitment to making the investment work.
Afrinvest Group Managing Director Dr Ike Chioke told the gathering that the visit was a follow-up to discussions initiated in the first quarter of 2025 under Abia’s Public-Private Partnership framework.
Chioke praised Otti for insisting on a thorough evaluation before committing to any partnership — a stance he said gave investors confidence in the state’s seriousness.
Governor Otti confirmed the next step is the drafting and signing of a Memorandum of Understanding to move the project into implementation. He said the state would facilitate land acquisition and ensure host communities receive fair compensation.
“If you are employing over 20,000 people, both directly and indirectly, the economic contribution will be significant,” Otti said. “That’s what interests me — jobs for my people and a positive impact on the GDP.”
With fertile land, favourable topography, and a governor determined to restore Abia’s agricultural glory, Presco Plc appears to have found both the ground and the political will to make its $200 million bet pay off.