Friday, February fourteenth, the UN says at least 22 people have been killed in a village in the Northwest region of Cameroon. Over half of those killed were children. No one has claimed responsibility for Friday’s incident but the opposition parties blame the killing on the government.
Victoria Oil & Gas positive impart on Cameroon's economy
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Many westerners are overjoyed with the fact that gasoline and energy costs have been relatively low over the past few months. As a result, consumers are seeing their wallets grow fatter and their utility bills shrink. However, this is not only a new development in the western world but even parts of Africa as well.
Victoria
Oil & Gas (VOG), which is a major energy utility in the west central region
of Africa, has been building gas pipelines all over the city of Douala in
Cameroon. For the past few years they have been seeing unprecedented success.
Their newest development has been the construction of the Logbaba pipeline
project. The pipeline is based in the major city of Douala which is considered
to be the ''business hub'' of central Africa. This project alone generates
countless dollars in revenue each year.
In
addition, Victoria Oil & Gas is expected to lay 13 kilometers of new
pipeline this year, expanding out into the Bonaberi industrial area.
The
company has seen such enormous success that not only are investors moving into
the stock, but local citizens in Cameroon have enjoyed careers and utility
contacts with the company. Due to the incredible economic development driven by
VOG, the people of Cameroon are experiencing prosperity that is rare in the
rest of the continent.
While
many countries in the region battle famine and terrorism, Cameroon, which is
tucked away into the coastal region of central west Africa, has made great
economic strides recently due to private investment from foreign companies like
VOG.
The
sunny economic conditions that Cameroon is enjoying are the direct result of
abundant natural resources and the encouragement of international investment.
Currently, Cameroon has seen a healthy GDP growth rate of 6% and a steady
inflation rate of 3%. Hoping to build on the recent economic gains, long
serving President Paul Biya invited nearly 100 foreign journalists and
businessmen to the ''Invest in Cameroon'' conference last month. Biya, who is
''determined to encourage private investment'' emphasized that in order to
maintain the improving economic conditions the Cameroonian government must work
with foreign companies, so that they might bring their business to their
nation.
Kevin
Foo, Chairman of Victoria Oil & Gas could not be more delighted with the
progress his company has seen in the region. ''I have been very uplifted
recently with the success that our company has achieved in Cameroon. It is
always encouraging to me when we come into a country, help them develop a
resource and help put local citizens to work all while expanding our own
business.'' He added ''One of the major reasons why Cameroon is a staple of
success in the central African region, while a lot of its neighbors are
experiencing hardship, is because the national government understands the need
for and supports private investment.''
In
a publicationlast month by Cross-border Information, the author focused on
Victoria Oil & Gas and how it helps drive the Cameroonian economy because
it believes in the stability of the nation. Despite the fact that ''Boko Haram
is still a threat, Cameroon believes it scores well when compared to potential
rivals blighted with greater security concerns and economic volatility.''
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