The governor of Abia State, Alex Otti, has revealed that the state government is preparing to sign a $200 million Memorandum of Understanding (MoU) with Presco Plc, one of the leading palm oil producers operating in both Nigeria and Ghana, Peak Newspaper reports.
According to the governor, the partnership is aimed at boosting palm oil production in Abia State and reviving the agricultural sector, which historically played a major role in the region’s economy.
Governor Alex Otti noted that the move is part of his administration’s strategy to diversify Abia’s economy away from heavy reliance on federal allocations and strengthen internally generated revenue.
Historically, southeastern Nigeria was one of the largest producers of palm oil in the world, before the industry declined due to neglect and the rise of crude oil as Nigeria’s main revenue source.
By partnering with an established company like Presco Plc, the Abia government hopes to revive the palm oil value chain, attract more agricultural investments, and position the state as a major hub for palm oil production in West Africa.
