By Ali Elias
Former President Olusegun Obasanjo is set to invest a massive $700 million (approximately ₦1.75 trillion) in Cameroon through his company, Obasanjo Agro-Allied Business Ltd (OABL)—a development that has stirred unease among Nigerian stakeholders concerned about the country’s worsening investment environment.
According to Leadership Newspaper, OABL will launch the investment this April, targeting strategic sectors such as agriculture, maritime logistics, hospitality, and energy. A significant portion of the operations will be based around the Kribi deep-sea port, a major hub in Cameroon’s commercial landscape.
As part of the expansion, OABL has acquired 610 hectares of land for maize and soybean cultivation, and will also establish infrastructure for fertilizer distribution and warehousing. The company is setting up a 10-hectare wood processing facility, and will offer transshipment services aimed at decongesting Nigerian ports. In addition, it plans to construct oil and gas storage terminals to support ship refueling operations and develop a five-star hotel to boost regional business and tourism.
While this aligns with the goals of the African Continental Free Trade Area (AfCFTA)—which seeks to strengthen intra-African trade—several Nigerian stakeholders have expressed frustration that such a substantial investment is being channeled outside the country.
Kabir Ibrahim, President of the All Farmers Association of Nigeria (AFAN), voiced concern over Obasanjo’s decision. He said Nigerian farmers would have welcomed such investment, which could have transformed agricultural productivity domestically. “I would have certainly been a lot happier if he invested this colossal sum in Nigeria. It might send the wrong signal to our farmers that the profitability and safety of investment in agriculture are higher there than here,” he said.
Dr. Segun Adebayo, Deputy Director at the Centre for Food Safety and Agricultural Research (CEFSAR), acknowledged the move within the context of AfCFTA but lamented Nigeria’s hostile investment climate. He explained that insecurity and policy uncertainty are driving local investors to look beyond Nigeria’s borders. “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,” he noted.
Dr. Adebayo also drew parallels with Aliko Dangote’s foreign investments, warning that unless the Nigerian government improves ease-of-doing-business policies, more capital flight may occur.
Implications for Nigeria
Obasanjo’s decision to make such a massive investment in Cameroon instead of Nigeria underlines the urgent need for improved security, policy clarity, and investor confidence in the country. While regional trade under AfCFTA may benefit from the development, Nigeria risks losing both capital and credibility if it continues to fall short on key economic reforms. The move is widely seen as a wake-up call for Nigeria to address its systemic issues—ranging from regulatory bottlenecks to port inefficiencies—to prevent further flight of domestic investment to neighboring economies.