Overview of Cameroon
Cameroon has a population of about 27.75 million people and it is the 24th (475,442km2) largest country in Africa in terms of land mass. It is the 95th largest economy in the world, 14th in Africa and it is classified as a lower-middle income country. It is located in the Central African region, surrounded by countries like Nigeria, Equatorial guinea, Gabon, Republic of Congo, Chad and the Bight of Biafra with a coastline of 402km.
The sales of Crude gold (39.6%), Cocoa bean (16%) and Sawn wood (10.8%) accounts for about 60% of its export revenues. Cameroon is among the Central African Economic and Monetary Community (CEMAC) countries which includes countries like Gabon, Chad, Republic of Congo, and Equatorial Guinea. Cameroon has a coastline, hence, goods will be shipped into the country through the port, the market opportunities and the demographics of the country has made this African market to become a place to explore by African exporters under AfCFTA.
Economic Snapshots
Cameroon has a coastline of 402km and its major port is located in the city of Douala. It is a predominantly Christians (70.7%) nation, 24.3% practice the Islamic Faith and 5% practice the Traditional Faith. French (80%) and English (20%) are the official language. It is a low-middle income country with a per capita income of about $1,373 (2020 est.).
The GDP was about $39.8 billion in the year 2020 an 80% increase from the previous year. 15.38% was attributed to Agriculture, Services contributed 47.25% of the GDP while Industries contributed 25.08% (2020 est.). The inflation rate is 2.37% (2020 est.), the literacy rate is 77.07% (UNESCO), while 60.38% of the country’s population is between 1-24years of age.
Foreign company should be looking at producing or exporting to Cameroon. The major products produced are Coffee, Cocoa, Cotton, Rubber, Banana, Oil Seeds, Cassava, Petroleum production and refining, Aluminum production.
The major agricultural products produced in Angola include Banana, Sugarcane, Coffee, corn, cotton, Cassava, tobacco and Livestock while the industries in the country produce petroleum, cement, metal Products, brewing, Tobacco products, sugar, and textiles.