Firm Hails FG Over Border Closure

Chinazor Megbolu |

Another major indigenous firm in the agricultural sector of Nigerian Stock Exchange (NSE), Presco Plc has hailed the federal government for closing the border.

The organisation noted they’re ending 2019 business year on a happy note.

The Managing Director, Mr. Felix Nwabuko at the weekend made this known in his remarks during the firm’s end of year party hailed the closure of border by the Federal Government of Nigeria.

According to him; “Presco Plc recorded more production and sales in the outgoing year when compared to 2018”.

Nwabuko explained the firm within the year exceeded the 200,000 tonnes Fresh Fruit Bunches (FFB) target, adding that the company is set to achieve 250,000 tonnes in 2020.

He also stated the average selling price of oil palm produce was low because of what he described as “unfavourable market situations’’ occasioned by the failure of other West African Countries to maintain a uniform tariff as provided in the Economic Trade Liberation Scheme.

“With the commissioning of the company’s 350tonnes/day capacity Palm Kernel Crushing Plant; 90tonnes/hour Palm Oil Mill, to be commissioned in January, 2020; 500 metric tonnes/day Refinery and the 30tonnes capacity Shell Boiler, Presco is ready to push more products into the market in 2020, “he said.

He, however, pointed out the border closure is an opportunity to open discussions with neighbouring West African Countries.

Nwabuko was optimistic the future will be brighter for the oil palm industry in Nigeria with the CBN Oil Palm Development Initiative and implementation of the Nigeria Oil Palm Industry Policy.

He averred the output from the research work of the R&D is rated as superb by international research institutes.

Nwabuko, while appreciating selflessness and diligence of the entire workforce for their dedication and contributions to the growth of the company