Cameroon Development Corporation (CDC) Eyes Revival with Cameroon Tyre Factory Partnership

Hope In The Horizon That CDC Will Soon Fully Re-launch Production

– CDC to supply raw material to a 400 billion FCFA tyre manufacturing project in Cameroon

– PDG of Neptune Oil says the 400 billion for the project is already available

– Gov’t promises to implement Import – Substitution Policy to help secure the local market

There is hope in the horizon that the once giant and buoyant State company, the Cameroon Development Corporation, CDC, which has been hard hit by a number of crisis in recent years that have plunged the corporation’s financial account into red, will in the next couple of years be revived by a gigantic 400 billion project of the Cameroon Tyre Factory, CTF. The CDC will supply CTF with the major raw material, rubber, for the manufacturing of tiyres. CTF will be the first tire manufacturing company in Cameroon.
The Cameroon Tyre Factory is an affiliate of Neptune Oil Group which has as President / Director General, PDG, Cameroonian born Antoine Ndzengue. Neptune Oil has decided to diversify its activities by setting up the first tiyre manufacturing factory in the country. The managements of Neptune Oil Group and that of the Cameroon Development Corporation have in principle agreed to a partnership between CTF and CDC, and are working towards finalizing the partnership with the signing of an agreement between CTF and CDC. The technical partners of Neptune Oil in the CTF project are companies from Finland.

Funds Already Available

Meanwhile the PDG of Neptune Oil Group, Antoine Ndzengue, who says that the groundwork for the creation of CTF started five years ago, has also disclosed that the funds for the 400 FCFA project are already available. He has was well disclosed that the project obtained funds (loans) from BDEAC (Development Bank of Central African States)) and Afreximbank. Neptune Oil Group has of course put in part of the fund.
The PDG of Neptune Oil Group has also made it known that the groundwork phase of the CTF Project is wrapping up, and that construction work on the Cameroon Tiyre Factory will start in the last quarter of this year.
The Cameroon Type Factory will be located at Bomono in Mungo Division, Littoral Region. Bomono is some 32 kilometres from Douala. But in reality Bomono is more on the outskirt of the economic capital, Douala, which has expanded and linked up to Bikoko which is in Mungo Division, and not far from Bomono which is already positioning itself as a new industrial zone in the Littoral Region.

Quality Tyres At Low Price

Meanwhile the PDG of Neptune Oil Group, Antoine Ndzengue, recently led a delegation to Yaounde to officially present the Cameroon Tyre Factory to the Government, precisely to the Minister of Trade, Luc Magloire Mbarga Atangana. The PDG was accompanied by the General Manager of CDC, Franklin Ngoni Njie, and representatives of the technical partners of the CTF Project from Finland.
The PDG of Neptune Oil Group among other things told the Minister of Trade that CTF will manufacture two categories of tyres. The tyres with the brand name ‘Afri Star’ will be for heavy duty vehicles, while the tiyres with the brand name, ‘Pcr’, will be for smaller vehicles. Corroborating the PDG, the representatives of the technical partners from Finland assured that their objective will be to see the Cameroon Tire Factory produce high quality tyres.

CDC Suffered 4.5 Billion FCFA Deficit In 2021

Meanwhile the General Manager of CDC, Franklin Njie, said at the occasion that: “The CDC is still suffering from the effects of the COVID -19 pandemic period, the conflict between Russia – Ukraine, the drop in the prices of primary products in the international market, as well as the climate of insecurity in the Anglophone Zone”. The CDC Boss disclosed that the corporation for example ended the year 2021 on a net deficit of 4.5 billion FCFA. Njie however expressed the hope that the partnership between CTF and CDC will the veritable oxygen that will help revive the ailing CDC, especially the rubber sector. It should be noted that CDC has over the years been exporting all the rubber it produces, because of the absence of a market for the product in the country. It is worthy of note that though CDC also has oil palm and banana plantations, its principal product is rubber.

Gov’t T Protect Market

The Minister of Trade, Luc Magloire Mbarga Atangana, in his reaction said it was really a very good piece of information for the Government to hear that the Cameroon Tyre Factory will help CDC to re -launch its production. He assured that the Government on its part will implement the Import –Substitution Policy to protect to Made –In – Cameroon Products.“ Your (CTF) partnership with the CDC within the framework of the tyre manufacturing project will certainly help to open more doors for the State Corporation. The Government will on its part, spare no effort to accompany you to secure the market”, the minister assured CTF”.