Former Nigeria president and businessman, Olusegun Obasanjo is set to expand business footprints in Cameroon with an investment of FCFA 420 billion ($700 million) in the domains of agriculture, shipping, hospitality and energy.
His firm, Obasanjo Agro-Allied Business Ltd (OABL) is expected to launch operations this month at the Kribi deep seaport in the Southern part of the country, officials have disclosed.
Agha Albert Ngwana, CEO of Aftel Cameroon Limited, which is also a strategic partner of OABL, confirmed the company’s plans to establish large-scale farming operations in Cameroon.
Obasanjo plans to expand his farmland to 610 hectares for maize and soybeans cultivation thanks to concessions granted by the Kribi Port Authority to OABL. The group will create packaging manufacturing facilities, wholesale fertilizer sales, and build warehouses.
To enhance regional commerce and relieve congestion at Nigeria’s ports of Apapa and Lekki, the company also plans to develop a 10-hectare wood processing facility and introduce maritime services at the Kribi deep-water seaport. As part of its investment, OABL will construct oil and gas storage terminals for ship refueling and develop a five-star hotel to cater to the region’s growing business and tourism sector.
The business will boost trade ties between Cameroon and Nigeria – two of Central and West Africa’s largest economies, support local producers and create a favourable environment for regional development.
According to the National Institute of Statistics’ 2023 report, official trade with Nigeria stood at FCFA 78.9 billion, with exports and imports almost evenly split.
Obasanjo’s investment coincides with the second phase of Kribi’s port expansion, a project recently completed by China Harbour Engineering Company (CHEC), a subsidiary of China Communications Construction Company (CCCC). With a total quay length of 715 meters, its commercial commissioning, announced in April, is expected to significantly improve the port’s efficiency and capacity.
OABL’s investments will help strengthen economic ties between Cameroon and Nigeria, two regional economic powerhouses, and align with African Continental Free Trade Area (AfCFTA) objectives by promoting intra-African trade, reducing barriers, and strengthening regional supply chains.
