Former President, Olusegun Obasanjo is set to inject $700 million, about (N1.75 trillion) into expanding his business footprint in Cameroon with a major investment in the Kribi deep-sea port.

Obasanjo?s company Agro-Allied Business Ltd (OABL) is expected to launch operations this April into strategic sectors, including agriculture, maritime logistics, hospitality and energy in the country.

CEO of Aftel Cameroon Limited Agha Albert Ngwana who is also a strategic partner of OABL, confirmed the company?s plans to establish large-scale farming operations in Cameroon.

According to him, OABL has secured 610 hectares of land to cultivate maize and soybeans to bolster its livestock supply chain.

The firm also intends to set up fertilizer distribution networks, packaging facilities, and warehouse infrastructure to ensure seamless agricultural trade between the two nations.

As part of the investment, the company has acquired land concessions to develop a 10-hectare wood processing site and introduce maritime services designed to alleviate congestion at Nigeria?s Apapa and Lekki ports.

?Our goal is to provide transshipment services and other key operations at the Kribi deep-sea port,? Ngwana said.

As part of this vision, OABL will construct oil and gas storage terminals for ship refueling and embark on the development of a five-star hotel to accommodate growing business and tourism demand in the region.

Obasanjo?s investment coincides with the second phase of Kribi?s port expansion, a project recently completed by China Harbour Engineering Company (CHEC), a subsidiary of China Communications Construction Company (CCCC).

The expansion includes a 715-meter-long dock, set to enhance port efficiency and trade capacity when operations commence in April 2025.

OABL?s projects are expected to deepen economic cooperation between Cameroon and Nigeria?two of Central and West Africa?s largest economies.

The initiative also aligns with the African Continental Free Trade Area (AfCFTA) objectives by promoting intra-African commerce, reducing trade barriers, and bolstering regional supply chains.

According to Cameroon?s National Institute of Statistics, official trade between Cameroon and Nigeria totaled CFA78.9 billion in 2023, with exports accounting for CFA39.5 billion and imports at CFA39.4 billion.

However, informal trade and smuggling along the 1,500-km shared border remain significant challenges.

However, OABL?s formalised cross-border operations are expected to enhance transparency, drive revenue growth, and support regulatory efforts. (LEADERSHIP)

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