The Cross River State Government and Presco PLC have signed a Memorandum of Understanding (MoU) to cement a strategic partnership aimed at revitalising the Boki and Nsadop Oil Palm Estates and repositioning the state as a key player in Nigeria’s oil palm value chain.
The MoU signing ceremony, which took place at the Cross River State Privatization Council office in Calabar over the weekend, marked a significant milestone in the state’s agricultural renewal and economic reform drive under the administration of Governor Bassey Otu.
Speaking at the event, the Chairman of the State Privatization Council, Chief Bassey Okon, traced the historical roots of oil palm development in the former Eastern Region to the visionary leadership of Dr. Michael Okpara, with the support of renowned businessman Sir Odumegwu Ojukwu. He noted that following the creation of states in 1967, Cross River State emerged with a substantial number of oil palm estates owing to its vast landmass and expansive forest resources.
Chief Okon explained that successive administrations had made concerted efforts to revive the once-thriving estates after years of decline, beginning with the privatization framework introduced during the administration of former Governor Donald Duke and sustained under Governor Liyel Imoke. According to him, the present administration of Senator Bassey Otu is building on these reforms by opening up the Boki and Nsadop estates to private-sector expertise, guided by the principle of maximum social gains.
He said Presco PLC was selected based on its strong track record in Edo, Delta and Rivers States, noting that the company’s investment is expected to unlock massive employment opportunities, stimulate rural development and boost government revenues through taxes, produce fees and related economic activities. The initiative, he added, would create thousands of direct and indirect jobs, curb rural–urban migration and contribute to improved security in host communities.
In his remarks, the Managing Director and Chief Executive Officer of Presco PLC, Mr. Reji George, described the MoU signing as a landmark moment for both the company and Cross River State. He expressed appreciation to Governor Bassey Otu, the Privatization Council and other stakeholders for the confidence reposed in Presco.
Mr. George said Cross River State’s fertile soils, favourable rainfall and long-standing tradition of oil palm cultivation align seamlessly with Presco’s long-term strategy of expanding sustainable palm oil production to meet domestic demand. He assured that the company would immediately commence environmental and social impact assessments, nursery development and plantation establishment in line with global best practices.
He further reaffirmed Presco’s commitment to sustainable agriculture, environmental stewardship and strong community partnerships, stressing that the company’s operations would deliver shared value to host communities, employees, government and investors alike.
The ceremony was witnessed by top government officials, including the Commissioner for Commerce, Dr. (Mrs.) Abigail Orok; the Chairman of the State Civil Service Commission, Sir Maurice Effiwatt; and representatives of the Ministry of Justice.
Kingsley Agim
