Public Sensitised On Nigerian Business Opportunities

This is part of Cameroon’s efforts to balance trade with Nigeria.

The Government of Cameroon has begun sensitising business persons within the framework of improving trade and strengthening economic cooperation with Nigeria. The Minister of Trade, Luc Magloire Mbarga Atangana, on Wednesday, April 23, 2014, spurred the business public in the port city, Douala, to take advantage of the opportunity following the signing of a trade agreement between Cameroon and Nigeria on April 11.

Coming barely two weeks after the deal was reached in the Cameroonian capital Yaounde, the sensitisation on the part of Cameroon is prove of its positive response to the agreement. The Minister disclosed that the arrangement allows business persons and trade delegations to visit their respective countries and each of the countries to participate in trade fairs organised by either party. Hear him: “Both countries will organise the first-ever business forum in Nigeria in June this year as a way of furthering trade relations.”

According to him, there has been a net increase in exports to Nigeria, notably coffee, tea, banana, pineapple, various cassava products, vegetables, chocolate, wines, sweet drinks, soap, textiles, detergents, waxes and various food products, zinc and aluminum kitchen utensils. Meanwhile, Nigeria exported mainly hydrocarbons, rubber, glass and glass wares, vehicle parts, transport vehicles, textile, perfumes and beauty products to Cameroon as well as Nigerian investments, notably the construction of a cement factory in Douala by the Nigerian multinational Dangote.

The President of the Chamber of Commerce, Christophe Eken, said trade exchanges between the two countries amounted to FCFA 382 billion in 2012, with an estimated import volume of 58% and 8% export volume. Cameroon’s export to Nigeria stood at 22,6% in 2011 and 17,8% in 2012, followed by France whose supplies to Cameroon was 12,8% in 2011 and 11,8% in 2012 and China 10,8% in 2011 and 10,4% in 2012. This shows that Nigerian products enjoy a favourable place in the economy of Cameroon.

However, the exchanges have for the most part been informal and beyond the pages of control. Obstacles include a strongly dominating informal trade exchanges with results such as contraband and border insecurity.

From a look of things, there is need for several actions and strategies in order to secure the best possible benefits of the cooperation within the goal of improving exchanges and balance the trade.

Cameroon Tribune