Edo State will receive a $100 million foreign direct investment as Belgian agro-industrial group SIAT NV injects fresh capital into Nigerian palm oil producer Presco Plc, part of a longer-term $1 billion commitment to expand operations in the country over the next decade.
The funds, the first tranche of the wider investment program, will be deployed to scale Presco’s production capacity, expand plantations and deepen value-added processing, the company said in a statement Monday.
The investment will also support technology upgrades and workforce development, aimed at strengthening Nigeria’s position in the regional market for edible oils and specialty fats.