Edo State has received a significant economic boost with the announcement of a $100 million foreign direct investment (FDI) in Presco Plc by Belgian agro-industrial group SIAT NV. This represents the first tranche of a $1 billion commitment aimed at strengthening Nigeria’s agro-industrial sector over the next decade.
The new capital will support Presco’s expansion plans, including increased industrial capacity, wider plantation development, and value addition across its operations. It will also fund technology upgrades, deepen talent development, and enhance Nigeria’s competitiveness in the regional edible oils and specialty fats market.
Presco’s Chairman, Olakanmi Rasheed Sarumi, stated that the investment reflects growing confidence in Edo State under Governor Monday Okpebholo, whose administration has prioritised security, strengthened government institutions, and maintained a business-friendly environment.
“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,” Sarumi said.
The investment highlights Edo’s rising profile as a preferred destination for industrial investment in West Africa and demonstrates the potential of its agricultural sector to attract substantial foreign capital. Governor Okpebholo’s economic agenda is expected to leverage these investments to create thousands of jobs, expand the state’s productive capacity, and contribute significantly to Nigeria’s broader economic diversification efforts.
Presco, a leading performer on the Nigerian Exchange (NGX), has a strong track record of delivering returns to shareholders and remains one of the largest employers in the region. The new funding will further enhance 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.
