Nigeria must turn reforms into jobs, production – BUA chief

Abdul Samad Rabiu, Chairman of BUA Group, highlighted the importance of turning Nigeria's economic reforms into tangible benefits such as job creation, industrial growth, and improved living standards. Rabiu emphasized that Nigeria requires at least 100 more indigenous industrial groups like BUA to achieve broad-based prosperity.

Speaking at the 32nd Nigerian Economic Summit in Abuja, Rabiu acknowledged the improvements in foreign exchange access and other reforms under President Bola Tinubu's administration. He pointed out that the removal of petrol subsidies, foreign exchange reforms, fiscal and tax changes, and infrastructure investments have begun to address longstanding obstacles to business expansion.

Rabiu specifically noted the improved access to foreign exchange, which has made investment planning more predictable for manufacturers. He stressed that reforms should lead to higher production, job creation, and improved living standards. Rabiu also revealed that BUA Foods and BUA Cement, both listed on the Nigerian Exchange, have a combined market capitalization of over $17 billion, with BUA Foods valued at more than $10 billion and BUA Cement at approximately $7 billion.

He highlighted the company's expansion plans and the potential of agricultural processing and value addition, citing BUA's integrated sugar project in Lafiagi, Kwara State, as a successful example. Rabiu urged the government and private sector to establish a new economic accord focused on policy stability, productive investment, human capital development, long-term financing, and shared prosperity.