The Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu, has urged Nigeria to reduce its dependence on imported finished goods by expanding domestic manufacturing, processing raw materials locally and strengthening its export capacity.

Rabiu made the call on Monday while delivering a keynote address at the 32nd Nigerian Economic Summit in Abuja, arguing that Nigeria could not achieve sustainable economic prosperity if it remained primarily a consumer of foreign products.

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“Nigeria must not remain simply a supplier of raw materials or a market for finished goods. We must become a nation that processes, manufactures, and exports,” he said.

The industrialist pointed to Nigeria’s cement industry as an example of how private investment and supportive government policies could transform an import-dependent sector into one capable of meeting domestic demand and exporting surplus production.

“Not so long ago, Nigeria was importing almost 80 per cent of the cement that we were consuming. Today, through deliberate policies and major private sector investments, Nigeria has become self-sufficient in cement production and is now an exporter,” Rabiu said.

He attributed the sector’s transformation to investments in processing locally available limestone, including BUA’s cement operations in Sokoto and Edo states.

Rabiu urged the government and private sector to replicate the approach across agriculture, food processing and other manufacturing industries.

“Nigeria must increasingly grow what it consumes, manufacture what it needs, and export more of what it produces,” he added.

Highlighting the group’s expansion plans, Rabiu said BUA Foods and BUA Cement, its two listed subsidiaries, had a combined market capitalisation of more than $17bn.

He put BUA Foods’ market capitalisation at more than $10bn and that of BUA Cement at about $7bn.

He also disclosed that investments were under way in flour milling, pasta, noodles, edible oils, rice milling and feed mills, with completion expected in 2027.

“These projects are expected to be completed, insha’Allah, by next year, doubling our production capacity,” he said.

Rabiu further highlighted BUA’s integrated sugar project in Lafiagi, Kwara State. The project encompasses sugarcane cultivation, sugar refining, ethanol production and electricity generation.

On the wider economic environment, the BUA chairman acknowledged that the removal of petrol subsidies, foreign exchange liberalisation and other government policies had placed significant pressure on households and businesses.

However, he said improved access to foreign exchange had reduced manufacturers’ reliance on direct allocations from the Central Bank of Nigeria, making it easier to plan business operations.

“As an industrialist, I would rather operate in a transparent market where I can plan than in a system where the official rate appears attractive but foreign exchange is unavailable,” he said.

Rabiu recalled regularly visiting the CBN to seek foreign exchange allocations under the previous arrangement, describing the current market structure as more predictable.

Despite the changes, he identified high borrowing costs, inadequate infrastructure and policy uncertainty as major barriers to industrial expansion.

“You cannot build a strong industrial economy primarily with expensive short-term financing,” he warned.

He explained that manufacturing investments often required between 10 and 20 years to deliver their full returns, making affordable long-term financing essential for industrial growth.

Rabiu called for greater mobilisation of pension funds, insurance capital and other institutional investments into productive businesses, arguing that long-term funding was needed to support large-scale industrial projects.

He also advocated the emergence of 100 additional major Nigerian industrial companies to create jobs, strengthen local supply chains and increase exports.

On regional trade, Rabiu urged Nigeria to take greater advantage of the African Continental Free Trade Area by improving transport infrastructure, modernising ports, strengthening payment systems and easing cross-border movement.

He proposed a new economic accord based on policy stability, productive investment, human capital development, long-term financing and shared prosperity.

“Because the true measure of economic success is not simply whether our economy grows. It is whether that growth changes the lives of Nigerians,” he said.

BUA Foods’ expansion drive also includes the introduction of Bakers Pride Flour at a trade launch in Kano.

The company said the product was developed for different baking applications, including gurasa, a popular Northern Nigerian flatbread, and conventional bread.

At the launch, BUA Foods Managing Director Ayodele Abioye said the flour was designed to support bakers’ productivity and business growth, while the company’s General Manager of Brand and Corporate Communications, Adewunmi Desalu, highlighted the need to balance product quality with the commercial pressures facing bakers.

BUA Foods General Manager of Sales, Alim Liman, emphasised the role of distributors, wholesalers and retailers in making the product widely available.