Edo State has recorded a major economic milestone with the announcement of a $100 million Foreign Direct Investment (FDI) into Presco Plc, one of Nigeria’s leading integrated palm oil producers. The investment, made by Belgian agro-industrial powerhouse SIAT NV, represents the first tranche of a sweeping $1 billion commitment the group plans to deploy across Nigeria over the next decade.
The capital injection places Presco firmly at the centre of one of the biggest agro-industrial expansion programmes Nigeria has seen in years. The company plans to use the funds to scale production capacity, expand plantation holdings, and deepen value-added processing across its operations. Presco’s management confirmed that the investment will also accelerate technology upgrades, modernise industrial processes, and strengthen its workforce through new training and development initiatives.
For Presco, the deal is a powerful endorsement of its long-term strategy and operational performance. The company has built a reputation as a consistent performer on the Nigerian Exchange (NGX), delivering strong returns against a backdrop of rising domestic demand and government policies aimed at reducing reliance on imported vegetable oils. This investment now positions Presco to consolidate its leadership role in Nigeria’s edible oils and speciality fats market — and expand it across West Africa.
“Nigeria and Edo State remain at the heart of Presco’s long-term strategy,” said Olakanmi Rasheed Sarumi, Chairman of Presco Plc. “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 is more than a corporate milestone — it is a testament to Edo State’s improving business environment. Under the administration of Governor Monday Okpebholo, Edo has made significant progress in strengthening governance institutions, improving security, and fostering a business-friendly climate. These efforts have been critical in attracting SIAT NV’s confidence and positioning the state as a rising hub for agro-industrial investment.
Government officials say the project will create thousands of new jobs, stimulate rural economic activity, and increase state output as plantations expand and processing capacity grows. With agriculture and agro-processing now central pillars of Edo’s economic blueprint, Presco’s expansion is expected to play a catalytic role in deepening local supply chains and boosting overall productivity.
For SIAT NV, the investment is part of a broader long-term strategy to expand its footprint in Africa’s most promising agricultural markets. The Belgian group has operated in Nigeria for decades, and its $1 billion commitment signals a renewed belief in the country’s potential for large-scale agro-industrial transformation.
The investment also carries national significance. As Nigeria intensifies its push to diversify away from crude oil, agro-industrial giants like Presco are emerging as strategic players capable of generating export value, reducing import dependence, and improving rural livelihoods. The new capital will provide Presco with the financial depth to pursue aggressive growth — from constructing new processing plants to adopting more efficient production systems and expanding cultivated land.
With the first $100 million already committed and a much larger pipeline ahead, the Presco–SIAT partnership stands as a compelling case study in how foreign capital, local policy stability, and strong corporate governance can intersect to drive sustainable industrial growth in Nigeria.
