Otti Seals $200m Investment Deal
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Abia State Governor Alex Otti has announced plans for a $200 million investment in large scale palm oil production and processing through a partnership with Presco Plc.
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The project is expected to create more than 5,000 jobs and boost the state’s agricultural sector.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Otti made the disclosure on Friday while receiving a delegation from Presco Plc led by its chairman, Olakanmi Rasheed Sarumi, at the Government House.
He said the next step is the signing of a Memorandum of Understanding to formalise the partnership before work begins.
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According to the governor, the project will start with a 14,000 hectare plantation and could expand further in the future.
He noted that Abia’s fertile land and favourable topography make the state well suited for large scale agricultural production.
Otti said the initiative aligns with his administration’s plan to revive the agricultural strength of Abia and restore the legacy of the former Eastern Region, when palm produce was a major economic driver.
Presco chairman Sarumi said the investment would help transform Abia into a major palm oil processing hub in the South East.
He added that the project would generate thousands of direct and indirect jobs in plantation operations, milling, logistics and related services.
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