Managing Director of Presco Plc, Mr. Felix Nwabuko, has said, despite being a major player in the Nigeria oil palm industry, the company has not been able to meet up with the demand for palm oil and oil palm produce in the country.
The company’s MD made the disclosure to Vanguard during the Presco end of year/Dinner and award night for deserving staff of the company held over the weekend.
Nwabuko who described 2016 as a “crazy year”, said the company was able to grapple with its challenges in 2017 with a promise to make more sustainable growth in 2018 amidst expectations from the federal and state governments in ensuring that the Nigeria agri-business would grow to the point where it would count in the country’s Gross Domestic Product.
He said: “We have not been able to meet up with demands of the palm oil industry and it is based on this that we are driving certain expansion such as the increment of our refining capacity with 500 percent of what it is now as well as our plantation size.
“Despite the illegal importation of palm oil produce, our market share has not in any way reduced as we have always sold everything we produce, because one thing that we are known for is that we produce premium quality.”
On its projection for 2018, Nwabuko said: “We planted over 3500 hectares in 2017. We would do more than that in 2018 and then we are also driving processing capacity so that we could contribute our quota to meeting the shortage of palm oil and palm oil products in the country.” Niger Govt. To Equip Farm Institutes To Train Youths
“As at today, PRESCO planted area are about 22, 000 hectares of oil palm. Next year, we budget to do 3, 500 hectares, we have done 3, 600 this year, our projection next year is to do between 2, 500 and 5000 hectares.”