Abdul Samad Rabiu, founder and executive chairman of BUA Group, has called on Nigeria to reduce its reliance on imported finished goods by expanding domestic manufacturing capacity and strengthening its export capability. Speaking at the 32nd Nigerian Economic Summit in Abuja on Monday, Rabiu argued that Nigeria cannot achieve lasting economic prosperity by remaining primarily a consumer of foreign products. He said the country must become "a nation that processes, manufactures, and exports" rather than simply supplying raw materials or serving as a market for finished goods.
Rabiu pointed to Nigeria's cement industry as a model for what domestic investment and supportive industrial policies can achieve. He noted that Nigeria was previously importing nearly 80 percent of its cement consumption but has since become self-sufficient in production and now exports cement. He attributed this transformation to investments in processing locally available limestone, citing BUA's cement operations in Sokoto and Edo states as examples. He urged the government and private sector to replicate this success across agriculture, food processing and other manufacturing sectors, saying Nigeria must "increasingly grow what it consumes, manufacture what it needs, and export more of what it produces."
BUA's two listed subsidiaries demonstrate the scale of the group's operations. BUA Foods and BUA Cement together have a combined market capitalisation exceeding $17 billion, with BUA Foods valued at over $10 billion and BUA Cement at approximately $7 billion. The group is undertaking ongoing investments in flour milling, pasta, noodles, edible oils, rice milling and feed mills, expected to be completed by 2027 and to double production capacity. Additionally, BUA is developing an integrated sugar project in Lafiagi, Kwara State, involving sugarcane cultivation, sugar refining, ethanol production and electricity generation.
While acknowledging that government economic reforms including petrol subsidy removal and foreign exchange liberalisation have imposed significant costs on households and businesses, Rabiu said improvements in foreign exchange availability have reduced manufacturers' dependence on direct allocations from the Central Bank of Nigeria. He described the current market arrangement as more predictable than the previous system, despite having previously visited the CBN regularly to seek foreign exchange allocations. However, he identified expensive borrowing, inadequate infrastructure and policy uncertainty as major obstacles to industrial expansion. Manufacturing investments typically require between 10 and 20 years to generate full returns, he noted, making affordable long-term capital essential.
Rabiu called for greater mobilisation of pension funds, insurance capital and other institutional investments into productive enterprises. He proposed that Nigeria develop 100 additional major industrial companies to expand employment, strengthen local supply chains and increase exports. He also advocated Nigeria take advantage of the African Continental Free Trade Area through improved transport infrastructure, efficient ports, payment systems and easier cross-border movement. Rabiu proposed anchoring a new economic accord on policy stability, productive investment, human capital development, long-term financing and shared prosperity, stating that "the true measure of economic success is not simply whether our economy grows. It is whether that growth changes the lives of Nigerians."
The expansion push extends to BUA Foods' recent introduction of Bakers Pride Flour at a trade launch in Kano. The managing director of BUA Foods, Ayodele Abioye, said the product was designed to support bakers' productivity and business growth. The new flour brand was developed for different baking applications, including gurasa, a popular Northern Nigerian flatbread, and conventional bread, with emphasis on consistent quality and commercial value.