Edo State has recorded a major economic breakthrough following the confirmation of a US$100 million Foreign Direct Investment into Presco Plc by Belgian agro-industrial multinational, SIAT NV. The new capital marks the first tranche of a much larger US$1 billion investment commitment that SIAT plans to deploy in Nigeria over the next decade, a commitment aimed at accelerating industrial expansion, modernising agricultural value chains, and strengthening the country’s regional competitiveness in edible oils and speciality fats.
According to Presco Plc, the initial US$100 million will be channelled into a broad range of growth initiatives, beginning with an expansion of its industrial processing capacity and a scale-up of plantation development in Edo State. This includes upgrading mill efficiency, increasing refining output, and deepening value-addition across the company’s integrated operations. The investment is also expected to strengthen Presco’s footprint in the regional edible oils and speciality fats market, while enhancing its technological capabilities and boosting workforce development. By injecting long-term capital at this scale, SIAT NV is signalling firm confidence in Nigeria’s ability to support high-return agricultural investments backed by international standards.
This renewed interest from one of Europe’s leading agro-industrial groups underscores the growing importance of subnational governance in attracting global capital. Under the leadership of His Excellency, Governor Monday Okpebholo, Edo State has strengthened its security architecture, improved governance systems, and implemented reforms that promote a business-friendly environment. These efforts have made the state increasingly attractive to both local and foreign investors seeking a stable and supportive location for large-scale agricultural and industrial ventures.
Chairman of Presco Plc, Olakanmi Rasheed Sarumi, emphasised SIAT’s long-term commitment to Nigeria, noting that both the country and Edo State remain central to Presco’s strategic vision. He explained that the renewed investment reflects the company’s confidence in Nigeria’s economic reforms, its resilience in the face of global challenges, and the quality of leadership that has consistently supported Presco’s growth trajectory. Sarumi added that the fresh capital will reinforce the company’s drive to expand industrial processing, improve productivity, and strengthen Nigeria’s position in the global edible oils market.
The successful attraction of this major investment confirms Edo State’s growing profile as one of West Africa’s premier destinations for industrial capital. Edo’s agricultural potential, combined with improved ease of doing business, stronger regulatory support and expanding infrastructure, positions the state as a leader in agro-industrial development. The implementation of Governor Okpebholo’s economic blueprint is expected to leverage this new investment to create thousands of direct and indirect jobs, stimulate rural economies, improve agricultural output, and boost the state’s internally generated revenue. This momentum also aligns with Nigeria’s broader objective of achieving economic diversification and reducing dependence on oil revenue.
As a top performer on the Nigerian Exchange (NGX), Presco Plc already plays a major role in Nigeria’s agro-industrial sector. The company remains one of the largest employers in the region and a critical driver of rural development. Its operations contribute significantly to reducing Nigeria’s dependence on imported palm derivatives, while supporting local supply chains and ensuring stability across related industries. The US$100 million injection will strengthen Presco’s balance sheet, drive operational upgrades, and enable further expansion of its workforce, reinforcing its status as a pillar of economic growth in Edo State and Nigeria.
With SIAT NV’s long-term US$1 billion investment pipeline scheduled to unfold over the next ten years, Nigeria’s agro-industrial sector is entering a transformative decade. The combined strength of Presco Plc’s operational expertise and SIAT’s financial horsepower is expected to reshape the country’s edible oils industry, expand export potential, deepen value-addition, and integrate Nigeria more firmly into global agricultural supply chains. This milestone represents one of the most significant foreign investment commitments in the sector and stands as a clear testament to the rising strength of Nigeria’s agricultural economy.
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Reporting by Godwin Okafor, The Naija247news in Lagos, Nigeria.
