FG’s Forex Policy Boosts Local Production, Says Presco

• Bags awards for CSR activities

Integrated Oil Palm producer, Presco Plc, has extolled the federal government’s directive restricting the use of foreign exchange for importing products Nigeria has the competitive and comparative advantage of producing, noting that local production in the nation’s agricultural sector has continued to witness positive growth and development.

The Head of Administration and Relations Manager, Presco Plc, Mr. Anthony Uwajeh, explained that in spite of the harsh business environment in the country, the company has continued to thrive in terms of profitability and expansion courtesy of the forex policy.

Uwajeh said: “During the Nigeria Agricultural Awards (NAA), in spite of the challenging times, we did very well last year. The government policy which restricted importation of palm oil and related products, coupled with the foreign exchange policy, helped the local producers of palm oil and other related products which we as well as other local producers took advantage of.”

Meanwhile, the company emerged as the ‘Best Corporate Social Responsibility (CSR) Company’ as a result of its strong commitment and focus on provision of educational infrastructure, scholarships, road maintenance, provision of electricity, potable water supply and other essential services for its host communities.

The Chairman, Awards Planning Committee, Mr. Emmanuel Ikani, said within the past two years, Presco has impacted positively on its host communities and environs and remained committed to its CSR policy as a way of giving back to its environment which he said is a key factor in sustaining peaceful coexistence with host communities a vital factor for the success of its business.

Uwajeh lauded organisers of the award, maintaining that it is encouraging to know that what Presco does as a matter of deliberate corporate policy is appreciated by others and recognised at this level, adding that the company has spent over N114 million in two years for CSR programmes.

“The truth is that our CSR is very clear cut. We have about 22 communities around our four project areas. We try to ensure that we stream line the things we do such that we are able to replicate for all the communities. We intervene in the area of education, potable water supply, electricity provision and road maintenance. We will continue to do things to improve the community because we know that there is no end to the needs of the community,” he said.

In his words, “We are sponsoring a golf tournament in Benin to raise funds to support the sickle cell club in the community. We are amongst the highest employers of labour in Edo State employing about over 5000

direct employments. The project we are currently doing in Edo State is about 14400 hectare oil palm and rubber estate. We have not less than 50 trailers lifting seedlings from Obaretin Estate to our new project area where we are planting about 3000 hectares this year. We create

massive employment and with our new project we have employed about another 800 workers and as we expand that project we will continue to increase job employment opportunities for people in the State.”