The Cross River State Government and Presco PLC have signed a Memorandum of Understanding (MoU) to formalize a strategic partnership aimed at revitalizing the Boki and Nsadop Oil Palm Estates and repositioning the state as a major player in Nigeria’s oil palm value chain.
The MoU signing ceremony, held over the weekend at the Cross River State Privatization Council office in Calabar, marked a significant milestone in the state’s agricultural and economic reform agenda under Governor Bassey Otu.
Speaking at the event, Chief Bassey Okon, Chairman of the State Privatization Council, recalled the historic roots of oil palm development in the former Eastern Region under the visionary leadership of Dr. Michael Okpara and Sir Odumegwu Ojukwu. He noted that Cross River State inherited numerous oil palm estates after its creation in 1967 due to its vast landmass and forest resources.
Chief Okon explained that successive administrations had implemented reforms to rescue the estates from decades of neglect, beginning with privatization initiatives under former Governors Donald Duke and Liyel Imoke. He stated that the current administration is consolidating these reforms by leveraging private-sector efficiency, guided by the principle of maximum social gains.
He emphasized that Presco PLC was chosen for its proven track record in Edo, Delta, and Rivers States, highlighting that the company’s investment would unlock massive employment opportunities, stimulate rural development, and generate revenue through taxes, produce fees, and ancillary economic activities. The project is expected to create thousands of direct and indirect jobs, reduce rural–urban migration, and enhance security in host communities.
In his remarks, Mr. Reji George, Managing Director and CEO of Presco PLC, described the MoU signing as a milestone for both the company and Cross River State. He thanked Governor Otu, the Privatization Council, and other stakeholders for their trust in Presco.
Mr. George said the state’s favorable soil, rainfall, and long history of oil palm cultivation align with Presco’s 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 the operations would deliver shared value to host communities, employees, government, and investors.
The signing ceremony was attended by notable government officials, including Dr. (Mrs.) Abigail Orok, Commissioner for Commerce, Sir Maurice Effiwatt, Chairman of the State Civil Service Commission, and representatives of the Ministry of Justice.
