Edo State has received a significant boost to its economy with the announcement of a landmark $100 million Foreign Direct Investment into Presco Plc by Belgian agro-industrial leader SIAT NV. This investment marks the crucial first tranche of an ambitious $1 billion FDI commitment designed to accelerate agro-industrial development across Nigeria over the next decade.
The $100 million fund will be strategically utilised to support Presco’s expansion initiatives, including scaling industrial capacity, expanding plantation development, and driving value-addition across its operations. Furthermore, the investment will enhance technology adoption, bolster talent development, and strengthen Nigeria’s position in the regional edible oils and speciality fats market.
This substantial commitment highlights the critical role of strong subnational governance, particularly the exemplary leadership of His Excellency, Governor Monday Okpebholo. His administration has successfully enhanced security, strengthened governance structures, and cultivated a robust, business-friendly climate which continues to attract large-scale industrial capital into Edo State.
“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,” said Olakanmi Rasheed Sarumi, Chairman, Presco Plc.
The successful attraction of this major investment is a key indicator of Edo State’s growing appeal as a premier destination for industrial capital in West Africa. The commitment of SIAT NV and Presco Plc underscores the high potential of the state’s agricultural sector and its capacity to attract large-scale FDI. The ongoing implementation of Governor Okpebholo’s economic blueprint is expected to leverage these investments to create thousands of jobs and sustainably boost the state’s economic output, contributing significantly to Nigeria’s broader goals of economic diversification and economic growth.
Presco Plc remains a standout performer on the Nigerian Exchange (NGX) and continues to deliver superior returns to its shareholders. The company is already a strategic driver of the local economy and stands as one of the largest employers of labour in the region. This new capital injection will not only support operational enhancements but also fuel necessary workforce expansion, further cementing the company’s role as a pillar of economic stability and industrialisation in Edo State and Nigeria.