(Business in Cameroon) – Cameroon attracted $925 million in foreign direct investment (FDI) in 2024, a 15.7% increase from the previous year, according to the United Nations Conference on Trade and Development (UNCTAD). This amount is equivalent to 529 billion CFA francs at the current exchange rate. In 2023, the country received $799 million in FDI, or 457 billion CFA francs.
This renewed interest from foreign investors allowed Cameroon to surpass the $900 million FDI mark once again. The country’s FDI had dipped to $675 million in 2020 due to the COVID-19 pandemic before rebounding to $799 million in 2023.
Central African Standing
In 2024, Cameroon ranked as the fourth-largest FDI destination among the 10 Central African countries listed in UNCTAD’s report. Within the Central African Economic and Monetary Community (CEMAC) region, Cameroon trailed behind the Democratic Republic of Congo, Gabon, and Chad.
The Democratic Republic of Congo alone attracted $3.113 billion in FDI in 2024, approximately 1.78 trillion CFA francs. This accounted for nearly half of the $7.907 billion, or 4.521 trillion CFA francs, that flowed into the entire Central African subregion.
Gabon secured $1.145 billion, or 654.6 billion CFA francs, and Chad received $1.019 billion, or 582.6 billion CFA francs, rounding out the top three FDI destinations in the subregion.
China’s Investment Dominance
UNCTAD’s report did not specify the leading source countries for FDI. However, China is officially recognized as Cameroon’s primary investor. The Asian nation has been the top source of foreign capital for Cameroon since the early 2000s.
“Between 2000 and 2014, Cameroon attracted 2.75 trillion CFA francs in FDI, of which 1.85 trillion CFA francs came from China. That accounts for about 67% of total inflows,” stated a document from the Presidency of the Republic, citing UNCTAD data. Other significant sources included France, the United States, and Nigeria.
China’s dominance in Cameroonian investment has intensified since the launch of first-generation infrastructure projects in the 2010s, including bridges, roads, and dams. Chinese firms have consistently held the lead, backed by Eximbank China, a Chinese state bank whose financing is conditional on project loans being tied to designated executing companies. These firms include CCCC, CWE, CHEC, and Sinohydro in infrastructure, and Huawei and ZTE in telecommunications.
Brice R. Mbodiam
