Tinubu’s reforms boosting investor confidence — Abdul Samad Rabiu

…as BUA chairman highlights $17bn combined market capitalisation of BUA Foods, BUA Cement

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. 

Rabiu said the reforms were creating opportunities for industrial expansion, as the group advances projects expected to double production capacity across key food manufacturing operations by 2027.

Rabiu stated this while delivering the keynote address at the 32nd Nigerian Economic Summit in Abuja on Tuesday. 

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, but urged the government to translate the gains into increased production, job creation and improved living standards.

He said improved access to foreign exchange had eased one of the major challenges previously faced by businesses seeking to import machinery and raw materials.

“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 the reforms had made investment planning more predictable, particularly for manufacturers undertaking large-scale projects. However, he acknowledged that households and businesses continued to face difficulties, stressing the need to sustain the reforms while expanding the country’s productive capacity.

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“We must move from reform to results, from stabilisation to expansion, and from economic adjustment to shared prosperity,” he stated.

Highlighting BUA Group’s performance, Rabiu disclosed that BUA Foods and BUA Cement, both listed on the Nigerian Exchange, had a combined market capitalisation of more than $17 billion. He said BUA Foods was valued at over $10 billion, while BUA Cement had a market capitalisation of approximately $7 billion.

He also outlined ongoing investments in flour milling, pasta, noodles, edible oils, rice milling and feed mills, with projects scheduled for completion in 2027 and expected to 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.”

The BUA chairman called for policies that would encourage the emergence of at least 100 more major indigenous industrial enterprises investing in 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.

Rabiu identified access to affordable, long-term capital as a major constraint to industrial expansion, explaining that large manufacturing investments often require 10 to 20 years to realise their full potential.

He called for greater mobilisation of funds from banks, pension funds, insurance companies, development finance institutions and capital markets to support productive investments. He also stressed the importance of policy stability and infrastructure development.

Citing Nigeria’s cement industry, which he said had moved from importing almost 80 per cent of domestic consumption to achieving self-sufficiency and becoming a net exporter, Rabiu said sustained investment in local manufacturing could produce similar results in other sectors.

He also highlighted BUA’s integrated sugar project in 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 called for a new economic accord among the government, businesses and citizens, anchored on policy stability, productive investment, human capital development, access to long-term capital and shared prosperity.

He also urged Nigerian businesses to take advantage of opportunities under the African Continental Free Trade Area, saying the country’s industrial future depended partly on greater participation in regional and international markets.

Expressing confidence in Nigeria’s economic prospects, Rabiu said the country must convert its resources and entrepreneurial capacity 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, brought together Vice President Kashim Shettima, senior government officials, state governors, business leaders and policymakers to discuss strategies for accelerating economic growth, productivity and shared prosperity.