Obasanjo to Invest $700 Million in Kribi to Enhance Cameroon-Nigeria Trade

(Business in Cameroon) - Former Nigerian President Olusegun Obasanjo, now a businessman, plans to visit the Kribi deep-sea port in Cameroon this April to officially launch Obasanjo Agro-Allied Business Ltd (OABL).

This initiative is focused on boosting trade between Cameroon and Nigeria. Agha Albert Ngwana, CEO of Aftel Cameroon Limited, a partner of Obasanjo's company, revealed that OABL aims to invest $700 million (approximately CFA420 billion) across various sectors such as agriculture, maritime transport, hospitality, and oil. As part of this venture, Obasanjo will extend his agricultural operations into Cameroon, where he will cultivate maize and soybeans on 610 hectares to support his livestock business.

OABL has acquired land concessions from the Kribi port authority and plans to establish packaging facilities, wholesale fertilizer distribution networks, and warehousing options. In addition, the company intends to develop a 10-hectare site dedicated to wood processing and establish maritime services to alleviate congestion at Nigeria's Apapa and Lekki ports. Ngwana stated, "Our aim is to offer transshipment services and other essential operations at the Kribi deep-sea port." OABL's projects also include the construction of oil and gas storage facilities for ship refueling and a five-star hotel in Kribi.

This investment coincides with Kribi's preparations to initiate the second phase of its port expansion. On February 21, 2025, China Harbour Engineering Company (CHEC), a branch of China Communications Construction Company (CCCC), completed the technical handover of the newly developed infrastructure. The extension, featuring a 715-meter-long dock, is anticipated to enhance efficiency and capacity when commercial operations commence in April. OABL's initiatives are expected to not only fortify economic connections between Cameroon and Nigeria—two prominent economies in the region—but also to support local producers, promote regional development, and establish Kribi as a critical hub for cross-border trade. This aligns with the goals of the African Continental Free Trade Area (AfCFTA) by encouraging intra-African commerce. In 2023, trade between Cameroon and Nigeria was primarily driven by exports, reaching CFA39.5 billion, while imports totaled CFA39.4 billion, as reported by Cameroon's National Institute of Statistics. However, officials note that informal trade and smuggling have a significant impact on official trade statistics due to the long and porous 1,500-km border shared by the two countries.