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With its dynamism to embark on the vertical diversification of its economy by emphasizing value addition, Cameroon would be in good stead to move up the continental value chain and benefit from the ready market of 1.2 billion people (2.5 billion by 2050) and a collective purse of US$2.5 trillion (which analysts say is rising to US$3 trillion and should double by 2050).
The ministry's plan will expectedly help counter the mounting production costs and will consequently address the food shortage, depending on the horizontal and vertical diversification in agriculture.
They used vertical diversification to create linkages in the existing industries and horizontal diversification with an emphasis on exports and technological upgrade.
The IMF experts also suggested that successful strategies combine vertical diversification (in specific sectors) to create linkages in existing industries, and horizontal diversification (across sectors) beyond the comparative advantage, with an emphasis on exports and technology upgrading.
It is important to emphasise that it also has vertical diversification companies specialised in slaughter of chickens and bovine cattle; on the other hand it is the owner of malls such as El Jardin, Multiplaza and Citymall, amongst others.
Some of the driving forces behind these are the restructuring of oil majors, the globalization of National Oil Companies or NOCs, the transfer of ownership to private equity funds, new market participants, vertical diversification and retraction from niche markets.
"Successful strategies have relied on a policy mix of promoting vertical diversification in "comparative advantage" sectors such as oil and gas and petrochemicals and endeavours into horizontal diversification beyond these sectors with an emphasis on technological upgrade and competition in international markets," it said.
While this "horizontal diversification" away from hydrocarbons is the main common theme behind the large capital spending in GCC countries, there is also "vertical diversification" taking place.
There are two kinds of diversification at farm level: horizontal diversification and vertical diversification. Horizontal diversification refers to the growing of different kind of crops i.e.
Horizontal as well as vertical diversification seems to be the need of the hour.
On the other hand vertical diversification implies technological improvement in exports from primary to secondary or tertiary sector.
The grim prospect for horizontal diversification has naturally led to the exploration of vertical diversification. Indeed, the non-gaming side of Macao has yet to be fully developed; this provides room for vertical diversification while consolidating the advantages of existing industries.