Presco’s towers above COVID19 economic challenges to post impressive 71% jump in half year profits

NIGERIA – Presco Plc, one of Nigeria’s fully-integrated agro-industrial company, has distinguished itself as one of Nigeria’s resilient companies by posting a 70.55 per cent increase in profit after tax for the half-year ended June 30, 2020. The company was able to navigate the difficult economic challenges to post a half year profit after tax of US$11.34 million, a great improvement when compared to the US$6.64 million achieved during the same period in 2019. Presco Plc’s profit before tax stood at US$14.90 million in 2020, up from the US$8.88 million…

Read More

Japan donates rice mill to Nigeria’s Edo state to boost rice production

NIGERIA – The Japanese Government has donated a rice mill worth over N26m to the Edo State Government, as part of efforts to facilitate rice production in the state. According to the Japanese Ambassador to Nigeria, Yutaka Kikuta, Japanese government-funded project would further enhance farmers’ income and foster socio-economic development of communities in the  state. Kikuta said the project, which was worth over N26m (US$70,650) would provide rice parboiling equipment, hauler, de-husker, de-stoner machine, soaking tanks, steaming tanks, a generator and bagging machine, among others. “The use of the facilities…

Read More

Nigeria’s Edo state partners with CBN, farmers to revive non-performing oil palm belt

NIGERIA – The Edo State Government has partnered with the Central Bank of Nigeria and farmers in  in the revival of the Urhonigbe oil palm belt at a cost of N91.3 billion ( about US$253.04 million). A statement from the Edo state government revealed that the amount for the palm project was jointly made available by the Central Bank of Nigeria and private investors. The funds according to the statement will be used to for the cultivation of oil palm on 51.8 hectares in Urhonigbe, Orhionmwon Local Government Area of…

Read More