According to Euromonitor International’s recently published research titled Doing Business beyond South Africa: growth and opportunity in sub-Saharan cities, Cameroon’s two flagship cities Yaoundé and Douala are also set to see impressive growth of over 100% in consumer spending, which Sychyk said reflects an improving economy and fast-growing population.
While Cameroon is yet to improve its business environment to boost investment, the country has already unlocked the growth momentum by developing its infrastructure and encouraging diversification away from commodities.
For example, Cameroon is set to launch the Central African region’s only deep sea port in Kribi by 2020, which is also hoped will, through competition, force improvements at Douala port – currently one of the largest on Africa’s Atlantic coast and a focal point of local economic activity.
Tertiary industries in commerce and business services sectors have been instrumental in driving the recent economic expansion of Douala.
The reported indicated that spending growth will also be supported by rising urban populations – the share of the national population residing in Yaoundé and Douala is estimated to increase from 24% in 2015 to 27% in 2030.