Stakeholders are worried about the state of investment in Nigeria as several reports confirm that former President, Olusegun Obasanjo is set to invest $700 million, approximately 1.75 trillion naira, in Cameroon.
According to reports, Obasanjo, via his firm, Agro-Allied Business Ltd (OABL), is making the investment before April runs out, and it will target Cameroon’s agriculture, maritime logistics, hospitality and energy sectors, with major focus centred on areas around the country’s Kribi deep-sea port.
As part of the company’s strategic expansion into other African countries, Obasanjo is ready to purchase about 610 hectares of land for maize and soybean cultivation, while also organising fertiliser distribution, establishing warehouse infrastructure, and building a 10-hectare wood processing facility in the French-speaking nation.
On top of all of that, OABL will offer transshipment services to free Nigerian ports from congestion, while constructing oil and gas storage terminals to refuel the ships. As far as supporting regional business and tourism in Cameroon is concerned, Obasanjo’s plans to erect a 5-star hotel is no longer secret.
Reacting to the news during a chat with the press, the president of the All Farmers Association of Nigeria (AFAN), Kabir Ibrahim, revealed that it would have been life-changing news for Nigerian farmers if such crucial funds were invested in Nigeria.
According to him, such decisions will only send the wrong message to local farmers across the country about the profitability and safety of agricultural investments within Nigeria, and that should not be the case.
“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.
Also reacting, Deputy Director at the Centre for Food Safety and Agricultural Research (CEFSAR), Dr. Segun Adebayo, disclosed that he completely understands the rationale behind OBJ’s decision because it is common knowledge that Nigeria’s unfriendly investment environment will keep closing the door to key investment opportunities
“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.
So with the African free trade, continental free trade agreement, the yield and the investment would benefit Nigeria eventually and other parts of Africa,” Segun added.
