The Edo State Government has welcomed a new $100 million Foreign Direct Investment (FDI) into the state’s agricultural sector, with Governor Monday Okpebholo reiterating his administration’s unwavering support for Presco PLC and other agribusiness investors operating in the state.
According to Fred Itua Chief Press Secretary to Governor, Okpebholo gave the assurance on Monday during a courtesy visit by the management of Presco PLC, led by the Chairman, Mr. Rasheed Sarumi, and the Managing Director, Mr. Raji George, at Government House, Benin City.
The visit coincided with the announcement of a major $100 million investment by SIAT and its parent company into Presco’s operations—an injection described by the company’s chairman as historic and unprecedented in Nigeria’s agricultural sector.
Welcoming the delegation, Governor Okpebholo lauded Presco’s long-standing contribution to Edo’s agricultural development and dismissed recent speculations regarding land revocation as politically motivated misunderstandings.
“Presco has been here for a very long time. The recent misunderstanding was politicised. There were natural resource-related reasons for the review of certain areas,” the Governor clarified.
He emphasized his administration’s preference for direct engagement and transparency whenever issues arise:
“If I have anything against you, I will call you. When I received complaints from communities over compensation, I contacted your Managing Director immediately because I believe in addressing matters directly.”
Highlighting his commitment to agricultural growth, Governor Okpebholo revealed that upon assuming office, he increased the agriculture allocation from the inherited ₦5 billion to ₦70 billion, signalling a strategic push toward food security and agro-industrial expansion.
“Agricultural revolution is the way forward and aligns with President Tinubu’s Renewed Hope Agenda. For food security, we must grow what we eat and export what we grow. Edo’s fertile land guarantees that your investment is not misplaced,” he said.
He also dismissed claims portraying Edo as hostile to investors, describing such narratives as “misleading and satanic.”
“I am an investor myself. I cannot be the one driving investors away. You are here by the grace of God, and you will prosper here,” he added.
Presco Chairman, Mr. Sarumi, commended the Governor for ensuring stability, improved security, and an enabling business environment that encouraged SIAT’s substantial investment. He noted that out of the $250 million FDI Nigeria recorded this year, Presco’s $100 million share represents a significant boost to both Edo State and the national economy.
Present at the meeting were top government officials, including Deputy Governor Rt. Hon. Dennis Idahosa; Secretary to the State Government, Umar Musa Ikhilo, Esq.; Chief of Staff, Mallam Gani Audu; and the Commissioner for Agriculture and Food Security, Dr. Jerry Uwangue.
Mr. Sarumi expressed optimism that the new investment will accelerate Presco’s expansion plans and further establish Edo State as the hub of Nigeria’s agro-industrial revolution..
