The Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu, has called for increased access to affordable long-term financing to enable Nigerian businesses expand industrial production and build at least 100 major indigenous enterprises across key sectors of the economy.

Rabiu said Nigeria’s ability to achieve sustainable economic growth would depend largely on mobilising domestic and international capital for productive investments in manufacturing, agriculture, mining, technology and other industries.

He made the call while delivering the keynote address at the 32nd Nigerian Economic Summit in Abuja, where he urged the government, financial institutions and private sector operators to work together to create an enabling environment for industrial expansion.

Speaking on the theme, “Growth That Works: Building a New Economic Accord for Nigeria,” the BUA chairman identified access to affordable long-term capital as one of the major constraints limiting the growth of large-scale manufacturing businesses in the country.

According to him, industrial investments require patient financing, as major projects often take between 10 and 20 years to realise their full potential.

Rabiu called for greater mobilisation of funds from banks, pension funds, insurance companies, development finance institutions and capital markets to support businesses capable of expanding domestic production, creating jobs and strengthening the economy.

He also stressed the need for policy stability and sustained infrastructure development, noting that investors require predictable economic conditions to commit substantial resources to long-term projects.

Drawing from BUA Group’s experience, Rabiu said the company’s investments demonstrated the potential of indigenous businesses to drive economic transformation when supported by an enabling investment environment.

He disclosed that BUA Foods and BUA Cement, both listed on the Nigerian Exchange, had a combined market capitalisation exceeding $17 billion, with the food company valued at more than $10 billion and the cement business at approximately $7 billion.

He further revealed that BUA Group was undertaking major expansion projects across flour milling, pasta, noodles, edible oils, rice milling and feed mills, with completion expected in 2027 and production capacity projected to double.

The investments, he said, would strengthen food security, create employment opportunities and support farmers and suppliers across the agricultural value chain.

Rabiu challenged Nigeria to create the conditions for at least 100 additional major indigenous enterprises capable of making substantial investments in 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.

He cited the transformation of Nigeria’s cement industry as evidence of what sustained investment in local manufacturing could achieve, noting that the country had moved from importing almost 80 per cent of its domestic cement consumption to achieving self-sufficiency and becoming a net exporter.

The BUA chairman also highlighted the company’s integrated sugar project at Lafiagi, Kwara State, as an example of the opportunities available through agricultural processing and value addition.

He urged Nigeria to reduce its dependence on exporting raw materials and importing finished goods by expanding local processing and manufacturing capacity.

“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,” he said.

Rabiu also acknowledged the economic reforms introduced by President Bola Tinubu, particularly changes to the foreign exchange market, removal of petrol subsidies, fiscal and tax reforms, banking sector strengthening and infrastructure investments.

He said improved access to foreign exchange had made it easier for legitimate businesses to plan investments and procure machinery and raw materials, while urging the government to sustain the reforms and translate economic stabilisation into increased production and shared prosperity.
“We must move from reform to results, from stabilisation to expansion, and from economic adjustment to shared prosperity,” he stated.

He further encouraged Nigerian businesses to take advantage of opportunities under the African Continental Free Trade Area to expand into regional and international markets.

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.