Presco Plc is ramping up plans to further expand its footprint across West Africa in a move that could save the country scarce FX and potentially cut the import of edible oil and fat by 40 percent in Nigeria and 30 percent in Ghana.
“We’ll be saving the country a lot of foreign exchange due to import substitution,” said Felix O. Nwabuko, the Group CEO, SIAT Group, the parent company of Presco while addressing journalists after its 2024 Annual General Meeting held Tuesday in Lagos.
Nwabuko explained that a shortage of palm oil needed for food industries has seen an influx of the product’s imports to the tune of $600 million annually.