Edo State will receive a $100 million foreign direct investment as Belgian agro-industrial group SIAT NV injects fresh capital into Nigerian palm oil producer Presco Plc, part of a longer-term $1 billion commitment to expand operations in the country over the next decade.
The funds, the first tranche of the wider investment program, will be deployed to scale Presco’s production capacity, expand plantations and deepen value-added processing, the company said in a statement Monday.
The investment will also support technology upgrades and workforce development, aimed at strengthening Nigeria’s position in the regional market for edible oils and specialty fats.
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“Nigeria and Edo State remain at the heart of Presco’s long-term strategy,” Olakanmi Rasheed Sarumi, chairman of Presco Plc said. “This renewed commitment reflects our confidence in the direction of reforms, the country’s resilience, and the leadership driving Presco’s consistent performance.”
The investment highlights growing international interest in Nigeria’s agro-industrial sector, particularly in Edo, where state authorities have focused on improving security and strengthening institutions to attract private capital.
Officials say the project will create thousands of jobs and boost local economic output as plantation development and processing capacity increase.
Presco, listed on the Nigerian Exchange, is one of the country’s largest integrated palm oil producers and a major regional employer.
The company has benefited from rising domestic demand and import substitution policies aimed at cutting dependence on foreign vegetable oils, helping it deliver strong shareholder returns in recent years.
The new funding is expected to accelerate Presco’s expansion plans and reinforce its role as a key driver of industrial growth in Edo State and Nigeria’s broader push to diversify away from oil dependence.