Edo State has secured a major economic boost with the announcement of a $100 million foreign direct investment (FDI) in Presco Plc by Belgian agro-industrial group SIAT NV, marking the first tranche of a $1 billion commitment aimed at strengthening Nigeria’s agro-industrial landscape in the next decade.
The fresh capital will support Presco’s expansion plans, including increased industrial capacity, wider plantation development and value addition across its operations.
It will also drive technology upgrades, deepen talent development and improve Nigeria’s competitiveness in the regional edible oils and speciality fats market.
The Chairman of Presco, Olakanmi Rasheed Sarumi, explained that the investment reflects the growing confidence in Edo state and the strides made under Gov. Monday Okpebholo, whose administration has prioritised security, strengthened government institutions and maintained a business-friendly environment that continues to attract large-scale industrial capital.
“Nigeria and Edo state remain at the heart of Presco’s long-term strategy. This renewed commitment reflects our confidence in the country’s reform direction, its resilience, and the strong leadership driving Presco’s consistent performance,” he said.
According to him, the move underscores Edo’s rising profile as a preferred destination for industrial investment in West Africa and highlights the potential of its agricultural sector to attract substantial FDI.
The ongoing implementation of Governor Okpebholo’s economic agenda is expected to harness these investments to create thousands of jobs, expand the state’s productive capacity and significantly contribute to Nigeria’s broader economic diversification efforts.
Presco, a leading performer on the Nigerian Exchange (NGX), has maintained a record of delivering strong returns to shareholders and remains one of the largest employers of labour in the region.
The new funding is set to boost operations and support workforce growth, reinforcing the company’s role as a key driver of industrial development and economic stability in Edo state and across Nigeria.
