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2026-09-18 18:22:10
[Presco, owned by Nigerian billionaire Rashid Salumi, invests $400 million to expand palm oil production] ⑴ Presco, a palm oil producer owned by Nigerian billionaire Rashid Salumi, has pledged to invest approximately $400 million this year to expand plantations and processing facilities in several Nigerian states. ⑵ Previously, the company had acquired plantations in Ghana and Edo state at a cost of approximately $170 million, increasing its planted area by about 37% in these two transactions. ⑶ The driving factor is that Nigeria faces a crude palm oil shortage of nearly 1 million tons, spending approximately $600 million annually on imported edible oils. Presco is one of the few producers in West Africa with a complete industrial chain integrating planting, processing, and refining.
