News in brief:
– Obasanjo’s Agro-Allied Business (OABL) is investing $700 million in agriculture, logistics, and energy in Cameroon.
– The investment includes large-scale farming, maritime services, and infrastructure projects to boost trade.
Former President Olusegun Obasanjo is set to invest $700 million (approximately ₦1 trillion) to expand his business empire into Cameroon, focusing on agriculture, maritime logistics, hospitality, and energy.
The company, Agro-Allied Business Ltd (OABL), will establish operations in April 2025, leveraging strategic partnerships to boost trade and infrastructure.
Agricultural expansion and trade growth
OABL has secured 610 hectares of land in Cameroon for large-scale maize and soybean cultivation to strengthen its livestock supply chain. The company also plans to establish fertiliser distribution networks, packaging facilities, and warehouses to streamline agricultural trade between Nigeria and Cameroon.
To further enhance regional commerce, OABL will set up a 10-hectare wood processing facility and introduce maritime services at the Kribi deep-sea port, easing congestion at Nigeria’s Apapa and Lekki ports.
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.
This move aligns with the African Continental Free Trade Area (AfCFTA) objectives by promoting intra-African trade, reducing barriers, and strengthening regional supply chains.
Cameroon’s National Institute of Statistics reported that official trade with Nigeria stood at CFA78.9 billion in 2023, with exports and imports almost evenly split. However, informal trade and smuggling remain key challenges along the 1,500-km border.
OABL’s structured investment is expected to enhance trade transparency, generate revenue, and support regulatory efforts while solidifying economic ties between Nigeria and Cameroon.
