The Abia State Government has approved a palm oil expansion project by Presco Plc aimed at creating 5,000 jobs and stimulating business opportunities across the state.

The project will focus on rehabilitating the Ulonna Farm Settlement in Umuahia and establishing additional palm plantations in Ozuitem and other locations across Abia.

Governor Alex Otti announced the approval during a meeting with a Presco delegation led by the company’s chairman, Rashid Sarumi, at the Government House in Umuahia.

Otti said the state government would assist the company in securing additional land and finalising the necessary agreements to facilitate the commencement of operations.

He also described Abia as an attractive investment destination, pointing to its skilled workforce, infrastructure and government support for businesses.

Sarumi disclosed that Presco had spent seven months engaging stakeholders in preparation for the project, which he described as viable. He commended the state government for its support and expressed confidence in the company’s ability to establish a successful operation in Abia.

Beyond the projected 5,000 jobs, the investment is expected to generate tax revenue for the state and increase demand for goods and services required to operate the plantations.

This demand could create opportunities for local suppliers, service providers and other businesses supporting agricultural activities as the project develops.

The approval adds to efforts to expand agricultural production and attract private investment to Abia State, with the planned plantations expected to create opportunities for businesses involved in supplying goods and services to agricultural operations.

Source: MSME Africa Online