The Managing Director, Presco Plc, Felix Nwabuko said the company attained 200,000 metric tons of fresh fruit bunches (FFB), saying that 250,000 tons would be achieved in 2020. Nwabuko, who stated this at the company’s end of year party, commended staff for their resilience and dedication throughout the year.
According to him, though Presco Plc achieved more this year than 2018 in terms of volume, the company earned less in value terms due to economic factors its control.
He noted that the average selling price of oil palm produce was low because of 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.
Nwabuko commended federal government’s border closure, adding that, it is an opportunity to open discussions with neighbouring West African countries.
He expressed hope that the future is bright for the oil palm industry in Nigeria with the Central Bank of Nigeria (CBN) Oil Palm Development Initiative and implementation of the Nigeria Oil Palm Industry Policy.
While commending the Research & Development (R&D) department for its innovations, Nwabuko described the company’s staff as its greatest asset.
He explained that the output from the research work of the R&D is rated as superb by international research institutes.
Nwabuko thanked the entire workforce for their dedications and contributions to the growth of the company.
During the ceremony, the company honoured its long serving staff in the categories of 15, 20, 25 and 30 years for their meritorious service.
Awards were given to best staff of various departments, with Mr. Charles Onwuasoanya emerging as the overall best staff for 2019.