The Cross River State government and Presco Plc have signed a Memorandum of understanding to formalise a partnership aimed at revitalising the Boki and Nsadop oil palm estates and reposition the state as a major player in Nigeria’s oil palm value chain.
The signing of the agreement, which held at the Cross River State Privatization Council office in Calabar at the weekend, marked a significant milestone in the state’s agricultural and economic reform agenda under the leadership of Governor Bassey Otu.
Chairman of the State Privatization Council, Chief Bassey Okon, recalled the historic roots of oil palm development in the former Eastern Region under the visionary leadership of Dr. Michael Okpara, assisted by renowned businessman Sir Odumegwu Ojukwu.
He noted that Cross River State inherited a large number of oil palm estates following state creation in 1967 due to its vast landmass and forest resources.
Okon explained that successive administrations had pursued reforms to rescue the estates from decades of neglect, beginning with the privatization framework introduced during the administration of former Governor Donald Duke and sustained under Governor Liyel Imoke.
He said the current administration of Gov Otu is consolidating on those reforms by opening up the Boki and Nsadop oil palm estates to private-sector efficiency, guided by the principle of maximum social gains.
The council chairman said Presco Plc was selected based on its proven track record across Edo, Delta and Rivers States, stressing that the company’s investment would unlock massive employment opportunities, stimulate rural development and generate revenues through taxes, produce fees and ancillary economic activities.
He added that the project is expected to create thousands of direct and indirect jobs, reduce rural–urban migration and enhance security in host communities.
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Managing Director and Chief Executive Officer of Presco Plc, Mr. Reji George, described the signing of the agreement as a milestone for both the company and Cross River State.
He thanked Gov. Otu, the privatization council and other stakeholders for the trust reposed in Presco.
Mr. George said Cross River’s favourable soil quality, rainfall and long history of oil palm cultivation align with Presco’s long-term strategy of expanding sustainable palm oil production to meet domestic demand.
He assured that Presco would immediately commence environmental and social impact assessments, nursery development and plantation establishment, in line with global best practices.
He further reaffirmed the company’s commitment to sustainable agriculture, environmental protection and strong community partnerships, noting that Presco’s operations would deliver shared value to host communities, employees, government and investors.
