Apoje Farms, a plantation of the Ogun State Government has gotten a new injection of life, a $100 million investment aimed at restoring the plantation and transforming it into a modern agricultural hub.
Announcing the proposed $100 million investment by Presco Plc yesterday, the State Government said it would revitalise Apoje Farms plantation, expand its agricultural production, create jobs and accelerate inclusive economic growth in the State.
The Commissioner for Agriculture and Food Security, Hon. Bolu Owotomo made the disclosure 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.
He noted that Presco Plc, a leading company listed on the Nigerian Exchange, had a market capitalisation of over ₦2.5 trillion and is expected to commence operations at the plantation immediately after the sealing of the agreement, anticipated within the next 30 days, adding that the State government remained committed to unlocking the full potentials of agriculture through strategic partnerships, responsible investment and sustainable development.
According to Owotomo, the investment reflected the vision of the Governor, Prince Dapo Abiodun, which was 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 Lawrence 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 representative of Presco Plc, 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 added that the investment would cover milling, processing and the development of retail crop production, creating an integrated agribusiness operation, noting 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 economic.
