Cameroon

Cameroon has a population of approximately 30.6 million and a real GDP of about $47 billion as of 2025. The economy is broadly split into the primary (agriculture), secondary (hydrocarbons, energy & manufacturing) and tertiary (transportation, services, IT) sectors each contributing 16.87%, 23%, and 52.55% respectively to the GDP. This represents a fairly diversified economy without a heavy dependence on a single commodity. Hydrocarbons and cocoa made up about 74% of export earnings for the country in 2024 with hydrocarbons taking the larger share. By 2025, Cocoa overtook hydrocarbons as the primary driver of foreign exchange due to increasing cocoa prices and declining oil production. Over the last 10 years, oil production has declined by 44.6% from 95,819 barrels per day (bpd) to 53,079 bpd as oil fields mature and investments in brownfield and greenfield developments dwindle. The decline is also made worse by the exit of Hilli Episeyo FLNG in 2026 significantly challenging the country’s gas monetisation strategy.

Cameroon provides an evacuation route for crude oil produced in Chad through the 1,081-kilometer Chad-Cameroon pipeline onward to the Kribi marine terminal where it is exported globally. The country earns foreign exchange through transit fees currently estimated at $1.321 per barrel. This represents a modest contribution to the overall foreign exchange earnings which was estimated at $7.3 billion in 2024.

Cameroon's long-term economic growth depends on increasing oil and gas production and investing in infrastructure needed to support economic transformation. Reliable electricity supply is also a key focus for the country as it remains essential to expanding manufacturing, processing industries and other aspects of the secondary economy.

Hydropower forms the backbone of Cameroon's electricity system, accounting for about 70% of total electricity generation, while fossil fuels contribute approximately 29% and other renewable sources remain marginal. The commissioning of the 420 MW Nachtigal Hydropower Plant has significantly expanded the country’s installed hydropower capacity to 1,310.5MW. Thermal generation from the Kribi and Dibamba power plants complements hydropower by using domestic natural gas to improve grid reliability.

The World Bank estimates that 72% of the population have access to electricity as of 2024 - a number which has been on a steady rise since 2002. This shows that there remains some ground to be covered in achieving universal access to electricity in the country which presents investment opportunities in a number of areas. The country possesses one of Africa's largest technically exploitable hydropower resources, estimated at about 115 TWh annually, but only a small proportion has been developed so far. This gap has motivated the conception of the 500MW Kikot Hydropower plant. However, to manage overdependence of the energy mix on hydropower, the country is exploring other areas. The exit of Hilli Episeyo frees up some gas volumes to drive domestic power production. At least 3 gas power plants are planned across the country with a joint capacity exceeding 1000MW including Limbe, Douala-Bonabéri, and Bekoko - all of which can benefit from gas supplies to increase the country’s available capacity. Investment in midstream gas pipelines will be key in unlocking the potential of these projects. There are also opportunities in offgrid solar infrastructure to electrify rural areas that are disconnected from the national grid. These investments are expected to improve electricity reliability, support industrial development and make greater use of the country's abundant renewable energy resources.