(MENAFNEditorial) 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 (LON:VOG) 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 (VOG.L) 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 publication last 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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