The Chairman of BUA Group, Abdul Samad Rabiu, has underscored the urgent need for Nigeria to enhance its industrial base in order to translate recent economic reforms into tangible benefits for the populace. Speaking at the 32nd Nigerian Economic Summit in Abuja, Rabiu acknowledged the positive impact of President Bola Tinubu’s reforms on investor confidence but stressed that the country requires at least 100 more indigenous industrial groups like BUA to foster growth across various sectors including manufacturing, agriculture, mining, and technology.

Rabiu remarked, "The question we must ask ourselves is not simply how BUA can continue to grow. It is how Nigeria can create another 100 BUAs." He pointed out that while reforms such as the removal of petrol subsidies and improvements in foreign exchange access have begun to address longstanding barriers to business expansion, the focus must shift towards enhancing production and job creation.

Highlighting the significance of foreign exchange reforms, Rabiu noted that manufacturers have seen improvements in accessing dollars for machinery and raw materials, a critical factor that previously hindered investment. He stated, "Legitimate businesses can now access foreign exchange through the market at prevailing exchange rates, rather than depending on direct allocations from the Central Bank."

Despite these advancements, Rabiu cautioned that without a corresponding increase in production and job creation, the benefits of these reforms would not reach ordinary Nigerians. He called for a transition from mere stabilization to a phase of economic expansion that prioritizes shared prosperity.

In his address, Rabiu also revealed that BUA Foods and BUA Cement, both publicly traded on the Nigerian Exchange, have a combined market capitalization exceeding $17 billion. He elaborated on the group's ongoing projects in flour milling, pasta, noodles, edible oils, rice milling, and animal feed, which are set to double production capacity by 2027. "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.

Rabiu identified access to affordable, long-term capital as a major constraint facing the expansion of large industrial businesses in Nigeria. He urged financial institutions to mobilize more funds for productive investment, emphasizing that the manufacturing sector often requires substantial time to realize its full potential. He stated that banks, pension funds, and development finance institutions must play a crucial role in providing reliable financing.

He further illustrated the potential of domestic investment by referencing Nigeria’s cement industry, which has transformed from a heavy importer to a self-sufficient producer and net exporter. Rabiu argued that similar investments across other sectors could reduce reliance on imported goods and enhance domestic value chains.

Additionally, he highlighted the importance of establishing a new economic accord between the government and the private sector, focusing on policy stability, human capital development, and shared prosperity. He encouraged Nigerian businesses to leverage opportunities within the African Continental Free Trade Area, asserting that the nation’s industrial future hinges on its competitiveness in regional and international markets.

Rabiu concluded with a call to action for Nigerians, stating, "No one will build Nigeria for us. We must build it ourselves." His remarks at the summit, attended by Vice-President Kashim Shettima and various stakeholders, aimed to inspire a collective effort towards accelerating economic growth and productivity in the country.