Former Nigerian President Olusegun Obasanjo is set to invest $700 million in Cameroon’s Kribi deep-sea port, aiming to boost cross-border trade between Nigeria and Cameroon. His company, Obasanjo Agro-Allied Business Ltd (OABL), will operate across agriculture, maritime transport, hospitality, and oil sectors.
Key Highlights of the Investment
- Expansion of Agricultural Ventures
- OABL will cultivate maize and soybeans on 610 hectares to support its livestock business.
- The company will distribute wholesale fertilizers and develop packaging factories.
- Enhancing Maritime and Logistics Services
- Maritime services will help reduce congestion at Nigeria’s Apapa and Lekki ports.
- Plans include oil and gas storage facilities for ship refueling.
- A 10-hectare wood processing plant will be developed.
- Infrastructure and Hospitality Development
- OABL will build a five-star hotel in Kribi to attract business and tourism.
- The investment aligns with Kribi port’s second-phase expansion, recently completed by China Harbour Engineering Company (CHEC).
Economic Impact and Regional Trade
- The investment strengthens Cameroon-Nigeria trade ties, aligning with the African Continental Free Trade Area (AfCFTA) goals.
- In 2023, trade between Cameroon and Nigeria was valued at CFA39.5 billion in exports and CFA39.4 billion in imports.
- Informal trade and smuggling remain challenges, given the 1,500-km porous border between the two nations.
Conclusion
Obasanjo’s $700 million investment in Kribi marks a significant step in regional economic integration, enhancing agriculture, trade, and maritime efficiency. The project is expected to boost local production, create jobs, and position Kribi as a key trade hub in Central Africa.
