“With the current security challenges in Nigeria, it is not surprising that a Nigerian investor would choose to take such an investment to a neighboring country. It is a win for Africa, but it’s unfortunate that we couldn’t facilitate such investments within Nigeria.”
Stakeholders have expressed unease over Nigeria’s investment appeal after ex-President Olusegun Obasanjo announced a $700m (N1.75trn) venture in Cameroon through Agro-Allied Business Ltd (OABL). The project, launching in April, targets agriculture, maritime logistics, and energy, anchored at Kribi Port. Plans include 610 hectares for maize/soybean farming, fertilizer distribution hubs, a wood processing plant, and an oil storage terminal.
While aligned with AfCFTA’s intra-African trade goals, Nigerian experts lament the missed opportunity. AFAN President Kabir Ibrahim said: “I’d be happier if he invested here. This signals that agriculture is safer in Cameroon.” Dr. Segun Adebayo of CEFSAR noted Nigeria’s security and policy challenges, citing Aliko Dangote’s similar offshore investments: “It’s an African win, but we failed to keep such projects at home.”