The former President of Nigeria, Olusegun Obasanjo, converted into a businessman, is expected during the month of April 2025 at the Autonomous Port of Kribi to launch his consortium, Obasanjo Agro-Allied Business Ltd (Oabl), turned to cross-border trade between Cameroon and Nigeria.
According to a press release from Agha Albert Ngwana, CEO of Aptel Cameroon Limited, a partner company of the Nigerian State Chief of State, Oabl will invest in Cameroon in the sectors of agriculture, maritime transport, hotel, petroleum, etc. for a global cost of $ 700 million (around 420 billion FCFA).
In detail, Olusegun Obasanjo will extend his farm to Cameroon over 610 hectares of land, cultivating corn, soybeans in order to feed his herd. This, thanks to the concessions granted by the Autonomous Port of Kribi to Oabl. The group plans to create packaging manufacturing industries, wholesale fertilizer and warehouse construction.
The company also plans to develop 10 ha for the transformation of wood. The intention is to decongest the ports of Apapa and Lekki “by performing many services, including transhipment and many other maritime activities at Kribi’s deep water port,” said Agha Albert Ngwana. Oabl also provides for the construction of oil and gas storage parks for the supply of ships, as well as the construction of a 5 -star hotel in Kribi.
These investments intervene at the time of commissioning phase 2 of the port of Kribi. On February 21, 2025, China Harbour Engineering Company (Chec), a subsidiary of CCCC, proceeded to his technical delivery. With a total length of 715 meters, its commercial commissioning, announced in April, should make it possible to considerably improve the efficiency and capacity of the port. Oabl’s investments will help strengthen economic ties between Cameroon and Nigeria, two regional economic powers. They will support local producers, create an environment favorable to regional development and establish the deep water port of Kribi as a stop of cross -border commercial activities. This will promote the achievement of the objectives of the African continental free trade area (ZLECAF) by facilitating intra-African trade.
According to the National Institute of Statistics (INS), in 2023, the volume of trade between Cameroon and neighbouring Nigeria was increased by exports, encrypted at 39.5 billion FCFA, and imports of 39.4 billion FCFA, i.e. a commercial surplus of 0.1 billion FCFA in favor of Cameroon. However, the INS confesses that these figures are to be put into perspective with regard to the informal business and smuggling that characterise trade between these two countries, which share a long and porous border of around 1,500 km.
(Cúlled from IC and loosely translated)