Damilola Olufemi

Founder and Chief Executive Officer of BUA Group, Abdul Samad Rabiu, has urged African countries to rethink their approach to natural resource management, warning that continued export of raw materials is costing the continent jobs, skills, and economic value.

Speaking at the ongoing Africa CEO Forum in Rwanda, Rabiu said Africa remains rich in natural resources but continues to lose opportunities for industrial growth by exporting them in unprocessed form.

“Value addition. My favourite. Africa is rich in resources, yet too often sends them abroad unprocessed, along with the jobs, skills, and the value that belongs here in Africa. This must change,” he said.

He questioned why African countries continue to rely on raw commodity exports instead of building local industries around their natural endowments.

“Why export iron ore when we can export steel? Africa sits on over 20 percent of the world’s iron ore reserves, with some of the highest quality content globally,” he noted.

Rabiu also argued that crude oil should be used to drive domestic industrialisation rather than being exported without adequate local refining and value addition.

“Why export crude oil when we can power an industrial ecosystem? Industrialisation is no longer aspirational; it is a necessity,” he added.

The BUA Group boss emphasised that stronger industrial policies would help retain jobs, build technical skills, and strengthen Africa’s economic resilience.

He also recounted a personal experience involving travel difficulties in South Africa, where he was reportedly denied entry after his visa expired shortly before arrival.

According to him, the incident occurred in February 2025 when he travelled from Lagos to Cape Town for the Mining Indaba but was turned back at immigration after officials flagged his expired visa.

He said the situation left him stranded for hours at the airport before he was eventually returned to Lagos.

Rabiu alleged that while he and his team faced delays over visa issues, passengers arriving from Europe were processed without visas, raising concerns about unequal treatment at entry points.