Abia State Governor Alex Otti says the state government will sign a $200 million MoU with Presco Plc to establish a 14,000-hectare oil palm plantation aimed at boosting agricultural production and job creation.
Governor Alex Otti has announced that the Abia State government is set to sign a $200 million Memorandum of Understanding (MoU) with Presco Plc to develop large-scale palm oil production in the state.
The governor disclosed this while receiving a delegation from the company led by its chairman, Olakanmi Sarumi, at his office in Nvosi.
According to Otti, the partnership will focus on establishing a 14,000-hectare oil palm plantation, with potential for further expansion due to the state’s favourable soil and topography for agricultural production.
He noted that the project aligns with the government’s strategy to revive large-scale agricultural activities and attract private sector investment into the sector.
The governor said the initiative would help revive the region’s historic oil palm industry, which once served as a major economic backbone of the old Eastern Region (Nigeria) during the era of former Premier Michael Okpara.
Officials said the investment could create more than 5,000 direct and indirect jobs, while stimulating economic activities across plantations, processing, logistics, and local supply chains.
The project is also expected to expand agro-industrial opportunities and support rural economic development across host communities.
Presco Plc has reportedly identified Ozuitem, Abam, and Ulonna as possible locations for the proposed plantation.
The development is expected to strengthen Abia’s ambition of becoming a major palm oil processing hub in Southeast Nigeria, attracting downstream industries and expanding agro-industrial development in the region.
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