The Support for Africa Integration and Development Initiative (SAIDI) has acknowledged the acquisition and concession of the Boki Oil Palm Estate and Nsadop Oil Palm Estate by PRESCO PLC from the Cross River State Government, describing it as one of the most significant agricultural investment initiatives in the state in recent years.
According to a statement issued by Chief Ambassador Enu Caesar, Head of Field Operations of SAIDI, the transaction began in 2025 and was concluded in March 2026. The deal involves about 10,000 hectares of oil palm plantation assets located in Borum Boki and Nsadop communities of Cross River State. The acquisition is expected to form part of a broader $200 million investment portfolio aimed at rehabilitating plantations, expanding production, and supporting community development initiatives.
SAIDI explained that the partnership between the Cross River State Government and PRESCO PLC was formalized through a Memorandum of Understanding (MoU), with plans for an additional Corporate Social Responsibility (CSR) framework between the company and the host communities.
Purpose of the Investment
The proposed investment is expected to revive abandoned and underutilized oil palm estates in Boki and Nsadop while boosting oil palm production and processing capacity in Cross River State. It is also projected to create employment opportunities for youths and women, reduce rural poverty, and discourage rural-urban migration.
Other objectives include improving rural infrastructure and social services, promoting inclusive economic development, and developing a biodegradable, renewable energy power plant to support economic activities and serve surrounding communities.
The anticipated $200 million investment will cover estate rehabilitation and replanting, nursery development, plantation expansion, construction of access and internal estate roads, processing mills and storage facilities, rural electrification projects, community development programs, scholarship schemes, and environmental and social impact assessments.
SAIDI’s Position
While welcoming the investment, SAIDI stressed that the success of the project would depend largely on transparent engagement with host communities, protection of community rights, environmental sustainability, and strict implementation of the CSR obligations contained in the MoU.
The organization emphasized that the agreement between PRESCO PLC and the host communities should go beyond a commercial transaction and instead function as a social contract built on partnership, accountability, and shared prosperity.
Proposed CSR Framework
SAIDI also recommended that a binding CSR Memorandum of Understanding be signed between PRESCO PLC and the landlord communities before full-scale operations begin.
According to the group, the proposed CSR framework should include rehabilitation and expansion of rural access roads, scholarship programs for students, health projects for host communities, and support for small and medium-scale enterprises (SMEs) as well as farmers’ outgrower programs to strengthen the local economy.
SAIDI noted that with proper implementation, the investment could transform Boki, Nsadop, and surrounding communities into thriving agro-industrial hubs while delivering sustainable benefits to local residents.
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