The Ogun State Government has announced a proposed $100 million investment by Presco Plc to revitalise the Apoje Farms plantation, in a major step towards expanding agricultural production, creating jobs and accelerating inclusive economic growth in the State.
The Commissioner for Agriculture and Food Security, Hon. Bolu Owotomo, disclosed this during a stakeholders’ engagement at the palace of the Orimolusi of Ijebu-Igbo, Oba Lawrence Adebajo, with members of the Ijebu-Igbo Traditional Council and Presco Plc’s National Partnership Adviser, Dr. Tunde Faturoti.
The meeting was convened to brief the traditional institution on the Ogun State Government’s planned partnership with Presco Plc for the resuscitation of the Apoje plantation.
The Commissioner described the investment as a strategic intervention that would unlock the plantation’s economic potential, expand agricultural productivity and generate significant employment opportunities for the people.
He noted that Presco Plc, a leading company listed on the Nigerian Exchange, has a market capitalisation of over ₦2.5 trillion and is expected to commence operations at the plantation immediately after the execution of the agreement, anticipated within the next 30 days.
According to Owotomo, the investment reflects the vision of the Governor, Prince Dapo Abiodun, CON, to attract credible private-sector investments capable of transforming agriculture into a major engine of economic growth, job creation and food security in Ogun State.
Responding, the Orimolusi of Ijebu-Igbo, Oba Lawrence Adebajo, commended the State Government for attracting the investment, describing it as a significant opportunity for economic transformation and prosperity in the area. He assured the Government and investors of the support and cooperation of the traditional institution and host communities, noting that residents were eagerly anticipating the commencement of the project.
The Ogun State Government remains committed to unlocking the full potential of agriculture through strategic partnerships, responsible investment and sustainable development.
