Abdul Samad Rabiu, the Founder and Executive Chairman of BUA Group, has called for a significant shift in Nigeria's economic strategy to reduce its heavy reliance on imported finished goods. Speaking at the 32nd Nigerian Economic Summit in Abuja, Rabiu emphasized the importance of expanding domestic manufacturing and processing raw materials locally to foster sustainable economic growth.

Rabiu argued that Nigeria cannot achieve lasting economic prosperity while remaining primarily a consumer of foreign products. "Nigeria must not remain simply a supplier of raw materials or a market for finished goods. We must become a nation that processes, manufactures, and exports," he stated, underscoring the need for a more self-sufficient economy.

He pointed to the transformation of Nigeria's cement industry as a successful example of how domestic investment and supportive policies can turn an import-dependent sector into an export-oriented one. Rabiu noted that not long ago, Nigeria was importing approximately 80% of its cement needs, but through strategic investments and policies, the country has now become self-sufficient and even an exporter of cement.

Highlighting BUA's own contributions, he cited the company's operations in Sokoto and Edo states, which focus on processing locally available limestone. Rabiu further urged both the government and private sector to replicate this success in other sectors such as agriculture and food processing.

In addition to advocating for local manufacturing, Rabiu announced ambitious expansion plans for BUA Group. He revealed that the company's two listed subsidiaries, BUA Foods and BUA Cement, boast a combined market capitalisation exceeding $17 billion. BUA Foods is valued at over $10 billion, while BUA Cement stands at about $7 billion. He also mentioned ongoing investments in various sectors, including flour milling, pasta production, and edible oils, with completion expected by 2027.

Rabiu discussed the group's integrated sugar project in Lafiagi, Kwara State, which encompasses sugarcane cultivation, refining, ethanol production, and electricity generation. He acknowledged the challenges posed by recent economic reforms, including the removal of petrol subsidies and foreign exchange liberalisation, which have increased costs for households and businesses. However, he noted that the improved availability of foreign exchange has lessened manufacturers' reliance on direct allocations from the Central Bank of Nigeria.

Despite these advancements, Rabiu highlighted several obstacles to industrial growth, such as high borrowing costs and inadequate infrastructure. He stressed the need for affordable long-term capital, as manufacturing investments often require a decade or more to yield returns. To address this, he called for mobilising pension funds and insurance capital into productive ventures.

Rabiu also advocated for the emergence of 100 additional major Nigerian industrial companies to enhance employment opportunities, strengthen local supply chains, and boost exports. He urged the nation to leverage the African Continental Free Trade Area by improving transport infrastructure and facilitating easier cross-border movement.

He proposed a new economic accord focused on policy stability, productive investment, human capital development, and shared prosperity. "The true measure of economic success is not simply whether our economy grows. It is whether that growth changes the lives of Nigerians," Rabiu concluded, reiterating the need for a comprehensive approach to economic development.

In a related development, BUA Foods recently launched Bakers Pride Flour in Kano, aimed at supporting local bakers with a product designed for various baking applications, including the popular Northern Nigerian flatbread, gurasa. This move is part of BUA's broader strategy to expand its product offerings and enhance the productivity of Nigerian bakers.