Ex-Nigerian President Olusegun Obasanjo is to further extend his business front in Cameroon with the $700 million (approximately N1.75 trillion) investment in the Kribi deep-sea port. The investment, spearheaded by his firm, Agro-Allied Business Ltd (OABL), will go into operation in April 2025 with a focus on core sectors such as agriculture, maritime logistics, hospitality, and energy.
Strategic Investments in Agriculture and Logistics
OABL, in conjunction with Aftel Cameroon Limited, purchased 610 hectares of land for commercial maize and soybean farming to deepen its livestock supply chain. The firm will also establish fertilizer distribution centers, packaging facilities, and warehouse centers to deepen farm trade between Nigeria and Cameroon.
To address marine congestion in Nigeria’s Apapa and Leksi ports, OABL has acquired concessions for land to build a 10-hectare wood processing complex and set up maritime services for the Kribi deep-sea port. Aftel Cameroon Limited Chief Executive Officer Agha Albert Ngwana confirmed that the company will pursue the provision of transshipment services and other fundamental logistics activities to enhance regional trade efficiency.
Expansion into Energy and Hospitality
In addition to its general investment policy, OABL will construct ship refueling oil and gas storage terminals and develop a five-star hotel to satisfy growing business and tourism demands within the region. The projects complement Cameroon’s plan for economic development and are apt to attract more foreign investment.
Synergy with Kribi Port Expansion and AfCFTA
Obasanjo’s investment follows the second phase of the expansion of the Kribi port, which has recently been carried out by China Harbour Engineering Company (CHEC), a Chinese conglomerate owned by China Communications Construction Company (CCCC). The expansion includes a 715-meter-docking facility that is designed to optimize port efficiency and trade capacity.
OABL’s initiatives will be promoting economic cooperation between Nigeria and Cameroon, two of Central and West Africa’s largest economies. The project is also enhancing the African Continental Free Trade Area (AfCFTA) by promoting intra-African trade, reducing trade barriers, and strengthening regional value chains.
Formalizing Trade and Regulatory Compliance
Official bilateral trade between Cameroon and Nigeria amounted to CFA78.9 billion in 2023, with exports and imports being roughly equal at CFA39.5 billion and CFA39.4 billion, respectively, as reported by Cameroon’s National Institute of Statistics. Smuggling and informal trade remain a persisting phenomenon on the 1,500-km common frontier.
Through formalization of the cross-border trading operations, OABL aims at enhancing transparency, stimulating revenue generation, and supporting regulatory work, fostering enhanced economic relations between the two nations.
