Nigeria: Presco has invested over 1Bln in 10 years

crude_palm_oilLast ten years, the investments of the Presco Oil Palm Plc in Nigeria have crossed the billion dollars. In an interview with This Day, Pierre Vendebeeck, who chairs the company, said that the injection of this amount of money in the Nigerian’s economy is the result of the opportunities offered by the first economy Africa. “We do not stop. We are like a car going at full speed. And although I say that we should maybe slow down a bit, there are so many opportunities that arise and that we do not want to miss, so we are more or less forced to continue to invest, ” he said.

In addition to investments in farms and production units, Presco, the subsidiary of the Belgian group SIAT claiming to have much bet on innovation of more than 200 varieties of palms.

Vendebeeck said that his company is the only one in the world that has managed to clone rubber. “We will soon be planting our first cloned rubber trees in Ghana and Ivory Coast. We believe that with this system, we will increase our returns 30% per hectare or more. “And the group has finalized the acquisition of a Belgian company specialized in biotechnology, also intends to produce improved cocoa plants.

Presco hired its first executive director of Nigerian origin in the person of Felix Nwabuko. If the giant does not skimp on investment, he always keeps in mind the requirement of profitability that it must satisfy. Thus, the executive branch he expects this year to a 40% increase in its profit margin.

About Khalid Al Mouahidi 4432 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network