Cameroon: Market Opportunity Overview

Cameroon is the biggest economy in West Africa and a number of UK organisations have been present in the market for over 30 years. In 2021, the UK created an Economic Partnership Agreement with Cameroon, demonstrating the strengthening relationship between the UK and Cameroon. Despite the global economic turmoil, Cameroon is averaging a GDP growth of 3.99 per annum and this is projected to increase by 4.6 percent by 2024. One of the latest successes in bilateral trade is UKEF’s project with the Ministry of Economy, Planning and Regional development, supporting a road project with a package of £113m.

Cameroon’s ports provide access to the Atlantic and a gateway to other markets in West Africa. There is a growing need in the infrastructure sector particularly on roads, port development, energy capacity and renewables. The country offers massive opportunities in solar power and there is huge potential for hydropower, as a large portion of the Okavango delta remains within their jurisdiction.

While this is not easiest market to work in, there are numerous opportunities for British organisations, with BII and UKEF both exploring projects; ADB, IMF and WB are all currently supporting projects and have a huge line of infrastructure projects available. For instance, the World Bank recently financed $78.5 million for the Nachtigal hydropower project.

There have also been developments in the green space as Cameroon is targeting a 35% GHG emissions reduction from 2010 levels by 2020 under its NDC commitments, aspiring to reduce emissions across all sectors but most notably in energy, agriculture, land use, waste and forestry. Further to its NDC reduction commitments, Cameroon has committed to security 25% of its national energy grid from renewable sources by 2035 (in 2019, hydro and solar accounted for just over 5% of its electricity generation). The government is aiming to boost energy access through grid investment and expansion, providing greater opportunity for grid-tied renewable systems.