Facing a $600 million annual palm oil import bill, Presco Plc is racing to expand its West African footprint, promising a future of reduced imports, stronger local supply, and greater resilience for Nigeria’s edible oil market.
Consequently, the company aims to cut Nigeria’s import of edible oil and fat by 40%, while Ghana could see a 30% reduction.
Reducing Imports Dependence
Speaking at the 2024 Annual General Meeting in Lagos, Group CEO of SIAT Group, Felix O. Nwabuko, Presco’s parent company, told newsmen that the strategy focuses not only on growth but also on national impact.
“By producing more locally, we’ll save the country a significant amount of foreign exchange,” he explained.
Because palm oil remains in short supply, Nigeria currently spends $600 million annually on imports.
Presco plans to reverse this trend.
Nwabuko emphasised, “As we expand, we will import less, which will relieve pressure on the naira.”
Strategic Acquisitions
To execute this vision, Presco acquired Ghana Oil Palm Development Company Limited (GOPDC) and Saro Oil Palm in a $171.6 million deal, marking a decisive push into West Africa.
Moreover, the company plans to triple its cultivated area, diversify its customer base, and solidify its position as a regional leader in edible oils and fats.
This expansion tackles more than scale; it also addresses sustainability and food security.
By producing more of what West Africa consumes, Presco strengthens value chains that support farmers, communities, and shareholders alike.
Strong Financial Performance
Financially, Presco has delivered remarkable results.
For the first half of 2025, the company earned ₦88.7 billion in net income and generated ₦198.7 billion in revenue.
In 2024, it more than doubled net profit to ₦77.7 billion and revenue to ₦207.5 billion, while increasing profit before tax by 128.7%.
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Investors have responded positively, as market valuation climbed 146%.
Furthermore, shareholders approved a final dividend of ₦42 billion.
Nwabuko reinforced the company’s forward-looking vision: “Our ambition is bigger than today’s results.
We are building Africa’s agricultural future—producing locally, reducing import dependence, and creating lasting value for communities.”
Similarly, Presco’s chairman, Olakanmi Rasheed Sarumi, praised the company’s resilience, noting that it weathered the decade’s toughest economic crisis to deliver a “landmark performance.”
As Presco expands across Nigeria and West Africa, Sarumi affirmed that the company will continue driving growth through operational excellence, environmental stewardship, and shared prosperity.
