Governor Alex Otti has announced a $200 million partnership with Presco Plc to transform palm oil production.

During a high-level meeting at Nvosi on Friday, the Governor received a delegation led by Chairman Olakanmi Sarumi to finalise the details of a Memorandum of Understanding (MoU) to establish a 14,000-hectare plantation and processing hub, leveraging the state’s fertile topography to drive economic growth and industrialisation.

The proposed investment has sought to restore Abia to its former status as an agricultural powerhouse, reminiscent of the Michael Okpara era. 

Governor Otti assured the investors that the state has committed to facilitating land acquisition in Ozuitem, Abam, and Ulonna, while ensuring adequate security and fair compensation for host communities. 

The project is designed to create over 5,000 direct and indirect jobs, significantly reducing rural-urban migration by empowering local youths through plantation operations and logistics.

Presco Plc. Chairman, Olakanmi Sarumi, has explained that the project is intended to position Abia as a major palm oil processing center in the South-East. 

Attracting downstream industries that utilise crude palm oil, the initiative has targeted a multi-billion-naira annual contribution to the state’s Gross Domestic Product (GDP). 

Furthermore, Dr. Ike Chioke of Afrinvest has commended the administration for its rigourous due diligence, noting that the partnership has followed extensive evaluations conducted under the state’s Public-Private Partnership framework.

Source: Punch News