BUA Group founder Abdul Samad Rabiu says changes to Nigeria’s foreign exchange and economic policy environment are improving the conditions for long term investment, but warns that reforms must produce more factories, jobs and household prosperity.
Speaking at the 32nd Nigerian Economic Summit in Abuja, Rabiu said manufacturers had previously struggled to obtain foreign exchange for equipment and raw materials even when they possessed the naira required to finance purchases. He argued that greater access to foreign exchange through the market had improved predictability for businesses planning major investments.
Rabiu praised aspects of the administration’s reforms while acknowledging the hardship many households and companies continue to face. He said the next phase should prioritize expansion in domestic production rather than treat macroeconomic adjustment as an end in itself.
The industrialist said BUA Foods and BUA Cement had a combined stock market valuation exceeding $17 billion at the time of his remarks. He also outlined investments in flour, pasta, noodles, edible oils, rice and animal feed, with several projects expected to be completed in 2027. The projects, he said, were intended to increase production capacity, strengthen food security and support suppliers and farmers.
Rabiu challenged policymakers and entrepreneurs to create many more large Nigerian owned industrial groups operating across manufacturing, agriculture, mining and technology. He identified affordable, long term finance as a major constraint, noting that large industrial investments often require many years before delivering their full returns.
He called on commercial banks, pension funds, insurers, development finance institutions and capital markets to provide more patient funding. Stable regulation, reliable infrastructure and workforce development, he added, would also influence investment decisions.
Pointing to Nigeria’s transition from heavy cement import dependence to domestic production and exports, Rabiu argued that similar progress was possible in other sectors through processing and value addition. He cited the group’s sugar investment in Lafiagi, Kwara State, as one example.
His central message was that Nigeria should move beyond exporting raw materials and importing finished products. Whether the reform agenda achieves that goal will be measured by new industrial capacity, competitive production costs, employment and stronger household purchasing power.
