The Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu, has commended President Bola Ahmed Tinubu’s economic reforms for improving Nigeria’s investment environment, particularly access to foreign exchange, as BUA Group advances major industrial expansion projects expected to double production capacity across key food manufacturing operations by 2027.
Rabiu, who delivered the keynote address at the 32nd Nigerian Economic Summit in Abuja, said the progress achieved through the administration’s reforms must now be translated into increased industrial production, job creation and improved living standards for Nigerians.
Speaking on the theme, “Growth That Works: Building a New Economic Accord for Nigeria,” he acknowledged the administration’s foreign exchange reforms, removal of petrol subsidies, fiscal and tax reforms, banking sector strengthening and infrastructure investments, noting that these measures are beginning to address longstanding constraints to business growth.
He particularly highlighted the improvement in foreign exchange accessibility, recalling how businesses previously struggled to obtain dollars for machinery and raw materials, even when they had sufficient naira to fund their investments.
“Legitimate businesses can now access foreign exchange through the market at prevailing exchange rates, rather than depending on direct allocations from the Central Bank,” he said.
Rabiu noted that since Olayemi Cardoso assumed office as CBN Governor, he had met him only a handful of times, unlike the previous situation when businesses frequently approached the apex bank for foreign exchange allocations.
He stressed that the ability to access foreign exchange through a functioning market has brought greater predictability to investment planning, particularly for manufacturers undertaking large-scale projects.
While acknowledging the difficulties households and businesses continue to face, Rabiu urged sustained commitment to the reforms, with greater emphasis on expanding Nigeria’s productive capacity.
“We must move from reform to results, from stabilisation to expansion, and from economic adjustment to shared prosperity,” he stated.
Highlighting BUA Group’s industrial growth, Rabiu disclosed that BUA Foods and BUA Cement, both listed on the Nigerian Exchange, now have a combined market capitalisation exceeding $17 billion, with BUA Foods valued at over $10 billion and BUA Cement at approximately $7 billion.
He also outlined ongoing investments across flour milling, pasta, noodles, edible oils, rice milling and feed mills, with projects expected to be completed in 2027 and double production capacity.
“These investments will strengthen Nigeria’s food security, create jobs, support farmers and suppliers, and expand our capacity to serve markets across Africa,” he said.
“Our ambition is not simply to become bigger. It is to make Nigeria stronger.”
Drawing from BUA’s experience, Rabiu challenged Nigeria to create the conditions for at least 100 more major indigenous industrial enterprises capable of investing across manufacturing, agriculture, mining, technology and other productive sectors.
“But the question we must ask ourselves is not simply how BUA can continue to grow. It is how Nigeria can create another one hundred BUAs,” he said.
He identified access to affordable long-term capital as a major obstacle to industrial expansion, noting that large manufacturing investments often require 10 to 20 years to realise their full potential.
Rabiu called for greater mobilisation of financing from banks, pension funds, insurance companies, development finance institutions and capital markets to support productive investments, alongside sustained policy stability and infrastructure development.
Citing Nigeria’s cement industry, which has transformed from importing almost 80 per cent of domestic consumption to achieving self-sufficiency and becoming a net exporter, he said sustained investment in local manufacturing could deliver similar results across other sectors.
He also highlighted BUA’s integrated sugar project at Lafiagi, Kwara State, as an example of the opportunities available through agricultural processing and value addition.
“Nigeria must not remain simply a supplier of raw materials or a market for finished products. We must become a nation that processes, manufactures and exports.”
Rabiu further called for a new economic accord between government, businesses and citizens, anchored on policy stability, productive investment, human capital development, access to long-term capital and shared prosperity.
He urged Nigerian businesses to take advantage of opportunities under the African Continental Free Trade Area, stressing that Nigeria’s industrial future must include greater participation in regional and international markets.
Concluding his address, Rabiu expressed confidence in Nigeria’s economic prospects but emphasised that the country’s abundant resources and entrepreneurial capacity must translate into tangible economic outcomes.
“But potential alone is not prosperity. It must be organised, financed and converted into production.”
“No one will build Nigeria for us. We must build it ourselves.”
The 32nd Nigerian Economic Summit, organised by the Nigerian Economic Summit Group (NESG), brought together Vice President Kashim Shettima, GCON, senior government officials, state governors, business leaders and policymakers to discuss strategies for accelerating economic growth, productivity and shared prosperity.