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.

Commissioner for Agriculture and Food Security, Honourable 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 about the state government’s planned partnership with Presco Plc, for the resuscitation of the Apoje plantation, describing 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.

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He noted that Presco Plc, a leading company listed on the Nigerian Exchange, had a market capitalisation of over N2.5 trillion, and is expected to commence operations at the plantation immediately after the sealing of the agreement, anticipated within the next 30 days.

He said the government remains committed to unlocking the full potentials of agriculture through strategic partnerships, responsible investment and sustainable development.

According to Owotomo, the investment reflects the vision of the governor, Prince Dapo Abiodun, geared towards attracting credible private-sector investments, capable of transforming agriculture into a major engine of economic growth, job creation and food security in the State.

Responding, the Orimolusi of Ijebu-Igbo, Oba 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.

Speaking, the National partnership adviser, Presco Plc, Dr Tunde Faturoti explained that the $100 million investment was aimed at restoring the plantation and transforming it into a modern agricultural hub, adding that the initiative would involve replanting oil palm, introducing modern production techniques and giving the long-established farm a new lease of life.

He said the investment would cover milling, processing and the development of retail crop production, creating an integrated agribusiness operation, and noted that the project would represent a fresh beginning for the old plantation, thus, bringing contemporary oil palm cultivation and value-addition practices that were expected to boost productivity, create jobs and stimulate economy.