Obasanjo to invest $700 million in Kribi to boost Cameroon-Nigeria trade

Olusegun Obasanjo, Nigeria's former president, is set to launch his company, Obasanjo Agro-Allied Business Ltd (OABL), in Cameroon this April.

OABL plans to invest $700 million in multiple sectors, including agriculture, maritime transport, hospitality, and oil. 

The investment aims to strengthen cross-border trade between Cameroon and Nigeria, supporting local producers, enhancing regional development, and positioning Kribi as a key hub for cross-border trade.

Some key projects include; Agricultural expansion, Infrastructure development, Wood processing, Maritime services, Oil and gas storage, Constructing a five-star hotel in Kribi.

This investment comes as Kribi prepares to launch the second phase of its port expansion, which is expected to boost efficiency and capacity when commercial operations begin April, 2025.

BY A CORRESPONDENT 

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Former president of Nigeria, Olusegun Obasanjo