Cross River, Firm Seal Landmark MoU to Revive Boki, Nsadop Oil Palm Estates
By Ebi COLLINS
Cross River State has taken a decisive step toward agricultural revitalisation and private sector–driven growth with the signing of a landmark Memorandum of Understanding (MoU) between the state government and Presco PLC to revive the Boki and Nsadop Oil Palm Estates and reposition the state as a strategic hub in Nigeria’s oil palm value chain.
The MoU signing ceremony, held at the Cross River State Privatization Council office in Calabar on Friday, underscored the commitment of the administration of Governor Bassey Otu to unlocking the economic potential of state-owned assets through strategic partnerships that deliver broad-based social and economic benefits.
Speaking at the ceremony, the Chairman of the State Privatization Council, Chief Bassey Okon, traced the origins of oil palm development in the former Eastern Region to the visionary leadership of Dr. Michael Okpara, ably supported by renowned industrialist Sir Odumegwu Ojukwu. He recalled that following the creation of states in 1967, Cross River State emerged with the largest concentration of oil palm estates, a development attributed to its vast landmass and extensive forest reserves.
Chief Okon noted that decades of underinvestment left many of the estates moribund, prompting reform efforts by successive administrations. He said the privatization framework introduced under former Governor Donald Duke, and sustained during the tenure of Governor Liyel Imoke, laid the foundation for reviving the assets. According to him, Governor Bassey Otu’s administration is consolidating on these reforms by opening the Boki and Nsadop estates to private-sector efficiency, guided by the principle of “maximum social gains.”
He explained that Presco PLC was selected on the strength of its proven performance in Edo, Delta and Rivers States, stressing that the investment would stimulate large-scale employment, deepen rural economic activity and generate revenue through taxes, produce fees and ancillary services. The project, he added, is expected to create thousands of direct and indirect jobs, curb rural–urban migration and contribute to enhanced security and social stability in host communities.
In his remarks, the Managing Director and Chief Executive Officer of Presco PLC, Mr. Reji George, described the agreement as a defining moment for both Presco and Cross River State. He expressed profound appreciation to Governor Bassey Otu, the Privatization Council and all stakeholders for the trust reposed in the company.
Mr. George said Cross River State’s fertile soils, favourable rainfall pattern and long history of oil palm cultivation align seamlessly with Presco’s long-term strategy of expanding sustainable palm oil production to meet growing domestic demand. He assured that Presco would move swiftly to commence environmental and social impact assessments, nursery development and plantation establishment in strict adherence to global best practices.
Reaffirming Presco’s commitment to sustainability, environmental stewardship and strong community partnerships, he noted that the company’s operations would be driven by a shared-value approach that benefits host communities, employees, government and investors alike.
The high-profile ceremony was witnessed by key 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, among other dignitaries.
