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$200m Palm Oil Investment to Create 5,000 Jobs in Abia, Says Otti

Published by Samuel Ayomide on March 15th, 2026.

Umuahia, Abia State – Abia State is set to witness a major agricultural revival as Governor Alex Otti announced plans to sign a $200 million Memorandum of Understanding (MoU) with Presco Plc for large-scale palm oil production and processing, a move projected to create over 5,000 direct and indirect jobs, The Nation reports.

Governor Otti revealed the development on Friday while receiving a Presco Plc delegation led by its Chairman, Olakanmi Rasheed Sarumi, at the Government House in Umuahia. The partnership aims to establish a 14,000-hectare palm oil plantation, marking a significant step toward transforming Abia into a leading palm oil hub in Nigeria’s South-East.

Revival of Abia’s Agricultural Heritage

Otti highlighted that the investment aligns with his administration’s strategy to restore Abia’s agricultural prominence and draw inspiration from the legacy of Michael Okpara, the former premier of the Eastern Region, who established farm settlements that spurred economic growth through agriculture.

“In principle, we are in agreement with you. I’m pleased that this initiative harkens back to the days of Michael Okpara and the Ulonna Farm Settlement,” Otti said. “This 14,000-hectare plantation may only be the start; our topography and fertile land can support even larger-scale operations and high yields.”

The governor assured the Presco team that the state would facilitate land acquisition, maintain security for the investment, and uphold its policy of fair compensation for host communities to guarantee peaceful collaboration.

Presco’s Commitment and Economic Impact

Chairman Sarumi said Presco Plc’s $200 million investment would not only generate thousands of jobs but also stimulate downstream industries linked to palm oil’s wide applications, from food processing to biofuels. “Our project will create over 5,000 jobs spanning plantation management, milling, logistics, and related services. Additionally, it will boost SMEs and the local value chain,” he stated.

Sarumi also disclosed that potential plantation sites have been identified in Ozuitem, Abam, and Ulonna communities. “This initiative is a modern continuation of the agricultural revolution initiated by the late Michael Okpara,” he added.

Public-Private Collaboration

Ike Chioke, Group Managing Director of Afrinvest West Africa, praised Governor Otti for insisting on a rigorous evaluation process prior to finalising the partnership. He noted that the investment follows earlier engagements between the state government and Presco under Abia’s Public-Private Partnership framework in early 2025.

“The state’s proactive approach ensures both transparency and viability, creating confidence for private investors while delivering meaningful economic benefits for citizens,” Chioke said.

With the MoU set for formal signing and project flag-off imminent, stakeholders believe the investment will rejuvenate Abia’s agricultural sector, attract further private capital, and help reposition the state as a powerhouse in Nigeria’s palm oil industry.