PRESCO, Nigeria’s leading fully integrated edible oils group, has announced a major expansion with the acquisition of 10,000 hectares across the Nsadop and Boki plantations in Cross River State, marking a significant milestone in the company’s growth trajectory and cementing its dominance in the nation’s palm oil sector.
This was disclosed in a statement issued on Thursday and made available on the Nigerian Exchange Group website.
The acquisition substantially increases PRESCO’s production capacity and positions the company to better serve Nigeria’s growing demand for edible oil products.
The newly acquired estates will be integrated into PRESCO’s existing operations, expanding the raw material supply needed to boost processing and refining activities across the company’s value chain.
Reji George, Managing Director and CEO of Presco Plc, commented: “This acquisition is a decisive execution of the commitments we made to our shareholders. During the launch of our recent Rights Issue, we pledged to accelerate our plantation expansion and position Presco for its next phase of growth. Today’s announcement delivers on that promise. Nsadop and Boki are strategically located estates that complement our existing operations and expand the scale required to power our mills and refineries at higher capacity.”
He added: “This move is not only about expanding land, it is also about strengthening our leadership, securing long-term supply, and reinforcing our belief in the future of Nigeria’s agribusiness sector.”
The company plans to implement its established approach to sustainable agriculture and community engagement at both locations. PRESCO will replicate its social investment framework at Nsadop and Boki, focusing on job creation and building collaborative relationships with host communities.
The expansion aligns with broader national objectives of enhancing food security and reducing Nigeria’s dependence on imported edible oils. By growing its plantation footprint, PRESCO is contributing to the Federal Government’s agenda for industrial self-sufficiency while strengthening the domestic agribusiness sector.
As PRESCO upgrades and integrates the Nsadop and Boki estates into its operations, the company expects the expanded capacity to deliver improved productivity and long-term value for shareholders, while reinforcing its position as a cornerstone of Nigeria’s agro-industrial development.
