Edo State has scored a major economic win with the announcement of a $100 million foreign direct investment (FDI) into Presco Plc by Belgian agro-industrial leader SIAT NV. This investment represents the first tranche of a planned $1 billion FDI initiative aimed at driving agro-industrial growth across Nigeria over the next decade.

The funds will support Presco’s expansion plans, including increasing industrial capacity, expanding plantation development, and enhancing value-addition across operations. Additionally, the investment will boost technology adoption, talent development, and Nigeria’s competitive position in the regional edible oils and specialty fats market.

The deal underscores the importance of strong subnational governance. Edo State’s Governor, Monday Okpebholo, has created a business-friendly environment through improved security, effective governance structures, and policies that attract large-scale industrial investments.

“Nigeria and Edo State remain central to Presco’s long-term strategy. This renewed commitment reflects our confidence in the country’s reform direction, resilience, and strong leadership driving Presco’s consistent performance,” said Olakanmi Rasheed Sarumi, Chairman of Presco Plc.

The investment highlights Edo State’s growing appeal as a preferred destination for industrial capital in West Africa. Governor Okpebholo’s economic blueprint aims to leverage such investments to create thousands of jobs and sustainably boost the state’s economic output, supporting Nigeria’s broader goals of economic diversification and growth.

Presco Plc, a standout performer on the Nigerian Exchange (NGX), remains a strategic driver of the local economy and a major employer. The new capital injection will enhance operations and expand the workforce, further solidifying Presco’s role as a pillar of industrialization and economic stability in Edo State and Nigeria.