By Faridat Salifu
Nigeria’s former president, Olusegun Obasanjo, is gearing up to launch a major business venture in Cameroon’s Kribi deep-sea port, aiming to enhance trade relations between the two African nations.
His company, Obasanjo Agro-Allied Business Ltd (OABL), plans to invest $700 million (approximately CFA 420 billion) across multiple industries, including agriculture, maritime transport, hospitality, and energy.
According to Agha Albert Ngwana, CEO of Aftel Cameroon Limited, a local partner in the project, OABL will expand its farming operations into Cameroon by cultivating maize and soybeans on 610 hectares of land.
This initiative is to support the company’s livestock business and establish infrastructure for fertilizer distribution, packaging, and warehousing.
Beyond agriculture, the investment is to also focus on maritime logistics.
OABL has acquired land near the port to develop a wood processing plant and introduce shipping services aimed at reducing congestion at Nigeria’s Apapa and Lekki ports.
Plans are also in place for the construction of oil and gas storage facilities for ship refueling, as well as a luxury five-star hotel in Kribi.
This investment coincides with the second phase of Kribi port’s expansion, which recently saw the completion of a 715-meter-long dock by China Harbour Engineering Company (CHEC).
The upgraded infrastructure is expected to boost the port’s efficiency when commercial operations commence in April.
Obasanjo’s venture is anticipated to strengthen economic ties between Cameroon and Nigeria, two of Central and West Africa’s leading economies. The initiative aligns with the African Continental Free Trade Area (AfCFTA) framework, fostering regional trade and economic integration.
Despite official trade between the two nations totaling CFA 78.9 billion in 2023, authorities acknowledge that informal cross-border transactions remain widespread due to their shared 1,500-kilometer border. OABL’s investment is seen as a significant step toward formalizing trade channels and supporting economic growth in the region.
Olusegun Obasanjo, born on March 5, 1937, in Ibogun-Olaogun to a farming family of the Owu branch of the Yoruba, is a distinguished Nigerian statesman and retired military general.
He served as Nigeria’s military Head of State from 1975 to 1976 and later as a democratically elected president from 1999 to 2007, making him the 5th and 12th President of Nigeria.
Obasanjo played a crucial role in facilitating Nigeria’s transition from military rule to civilian governance, implementing significant reforms that emphasized economic stability and democratic practices.
After his military tenure, he retired to Ota, Ogun State, where he focused on agriculture, authored several books, and engaged in international peace initiatives.
Beyond politics, Obasanjo is a successful entrepreneur known for founding Obasanjo Farms, which specializes in poultry and sustainable agricultural practices. His farm is recognized for developing the Obamarshall broiler breed, adapted to thrive in Africa’s tropical climate.
At 87 years old, Obasanjo remains actively involved in promoting economic development and regional integration across Africa, extending his influence into various sectors, including telecommunications and energy.