Presco targets Ondo with $200m oil palm funding, as Aiyedatiwa pledges investor-friendly climate
By Julius Alabi, Akure
Ondo State’s drive to deepen agricultural industrialisation obtained a serious enhance as Presco Plc unveiled plans to speculate an preliminary $200 million in large-scale oil palm plantations, alongside the institution of a processing mill and refinery within the state.
The disclosure was made throughout a courtesy go to by the administration of the agro-industrial big to Governor Fortunate Orimisan Aiyedatiwa in Akure, the place the governor assured the corporate of a conducive funding climate, together with entry to land, strong safety and accelerated approvals.
Presco Plc’s Chief Govt Officer, Mr Rasheed Sarumi, described the corporate’s deliberate enlargement into Ondo State as a strategic “homecoming,” noting that the transfer alerts a return to the South-West after years of working exterior the area.
“Coming to Ondo State is a form of homecoming for us. Ondo State, from at this time, is a part of the Presco Plc community,” Sarumi stated.
He attributed the choice to spend money on the state to the investor pleasant insurance policies of the Aiyedatiwa administration, including that Presco, a subsidiary of the SIAT Group, is properly positioned to drive worth throughout the oil palm worth chain.
Sarumi highlighted Nigeria’s rising deficit in crude palm oil, estimated at practically a million tonnes, stressing that the proposed funding would assist bridge the availability hole and scale back dependence on imports.
“Edible oil is without doubt one of the prime 4 issues individuals purchase every day. It’s important that we produce it domestically,” he stated.
The Presco boss additional famous that the corporate operates underneath the globally recognised Accountable Sustainable Palm Oil (RSPO) certification, which mandates strict adherence to environmental sustainability, group engagement and social duty requirements.
He defined that the corporate would safe the free, prior and knowledgeable consent of host communities, set up clear operational boundaries and implement group motion plans as a part of its dedication to sustainable practices.
Sarumi added that Presco’s operations span Nigeria, Ghana, the USA, China and Belgium, the place the SIAT Group is headquartered, underscoring the agency’s international footprint and technical capability.
“There will probably be a mill there and there may even be a refinery right here,” he stated, noting that the Ondo venture types a part of the corporate’s long-term enlargement technique geared toward delivering shared prosperity.
Responding, Governor Aiyedatiwa described Presco as a globally recognised model whose presence would reinforce Ondo State’s rising popularity as a chief vacation spot for agricultural funding.
Whereas noting that the state already accounts for about 40 per cent of Nigeria’s cocoa manufacturing, the governor stated the brand new funding would additional place Ondo as a number one oil palm hub.
“I’ve already made up my thoughts that Presco should have a spot there. We will probably be mapping out land that won’t be troublesome and will probably be protected,” Aiyedatiwa stated.
He assured the corporate that the Ondo State Funding Promotion Company would fast-track all documentation and take away bureaucratic bottlenecks to make sure the well timed take-off of the venture.
The governor additionally reiterated his administration’s dedication to guaranteeing the safety of investments, describing Ondo as one of many most secure states within the nation.
“Your funding will probably be protected, and it is going to be shared prosperity on the finish of the day,” he assured.
Additionally talking, the Group Chief Govt Officer of SIAT Group, Mr Adewale Arikawe, stated the venture aligns with the state authorities’s financial transformation agenda.
“We’re taking a look at an funding of about $200 million to begin with. We function a completely built-in edible oil enterprise, and that’s what we’re bringing to Ondo State,” Arikawe stated.
He added that the funding would stimulate rural improvement, enhance agro-industrial actions, create jobs and contribute considerably to inclusive financial development.
High authorities officers on the assembly included the Secretary to the State Authorities, Dr Taiwo Fasoranti; Chief of Employees to the Governor, Prince Segun Omojuwa; Chief Govt Officer of the Ondo State Improvement and Funding Promotion Company (ONDIPA), Barr. Emmanuel Omomowo; and Chairman of OSAEC, Mr Wemimo Akinsola.
