NIGERIA MUST PRODUCE MORE AND DEPEND LESS ON IMPORTS — BUA FOUNDER

BUA Group founder and Executive Chairman, Abdul Samad Rabiu, has urged Nigeria to expand local manufacturing, process its raw materials and produce more goods for export.

Speaking at the 32nd Nigerian Economic Summit in Abuja on Monday, Rabiu said the country could not build lasting prosperity by relying heavily on imported finished products.

He argued that Nigeria must move beyond supplying raw materials to other countries and buying back manufactured goods.

Rabiu pointed to the cement industry as an example of what local investment and supportive government policies can achieve. According to him, Nigeria once imported almost 80 per cent of the cement it consumed but now produces enough locally and exports to other markets.

He attributed the change to major private investments and the processing of locally available limestone, including at BUA’s operations in Sokoto and Edo states.

Rabiu called for similar efforts in agriculture, food processing and other manufacturing sectors to help Nigeria meet more of its own needs.

Outlining BUA’s expansion plans, he said the group was investing in flour milling, pasta, noodles, edible oils, rice milling and animal feed production. He said the projects were expected to be completed in 2027 and would double production capacity.

He also highlighted the group’s integrated sugar project in Lafiagi, Kwara State, which combines sugarcane farming, sugar refining, ethanol production and electricity generation.

According to Rabiu, BUA Foods and BUA Cement have a combined market value of more than $17 billion.

Addressing the government’s economic reforms, he acknowledged that petrol subsidy removal and changes to foreign exchange policies had increased pressure on households and businesses.

However, he said improved access to foreign exchange had reduced manufacturers’ reliance on direct allocations from the Central Bank of Nigeria.