Presco Plc, Nigeria’s leading palm oil producer, has acquired 10,000 hectares of plantation land in the Nsadop and Boki areas of Cross River State, strengthening its upstream footprint and expanding its production base.
The acquisition is expected to enhance the company’s palm oil production capacity and improve raw material supply for its mills and refineries, as Presco positions itself to meet the rising domestic demand for edible oils. The integration of the new estates is also projected to enhance agronomic efficiency and support improved processing utilisation across its operations.
Managing Director of Presco Plc, Reji George, said the acquisition delivers on commitments made to shareholders during the company’s recent Rights Issue, which outlined plans to accelerate plantation expansion and support long-term growth.
According to him, the Nsadop and Boki estates are strategically located to complement Presco’s existing operations and provide the scale required to operate its processing facilities at optimal capacity. He added that the expansion reinforces the company’s market leadership and underpins supply chain stability.
Presco noted that it will extend its sustainable agricultural practices, community engagement initiatives, and responsible land management standards to the newly acquired plantations. The company plans to work closely with host communities, replicating its established social investment programs aimed at job creation and mutually beneficial operations.
The development aligns with national objectives to enhance food security, reduce reliance on imports, and deepen agro industrial self-sufficiency. Presco stated that as the estates are developed and fully integrated, they are expected to contribute to improved productivity, stronger earnings performance, and long-term shareholder value, while supporting broader economic growth.
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