BUA Group Chairman Urges African Leaders to Invest in Processing Capacity for Economic Growth

Abdul Samad Rabiu, Chairman of BUA Group, addressed the issue of Africa's economic challenges due to the lack of processing capacity at a high-level mining forum in Cape Town, South Africa. Rabiu emphasized the urgent need for African governments and financial and private sector leaders to pivot towards an economic model that focuses on large-scale industrial processing to transform raw resources.

He shared insights from BUA Group's 16-year journey in mining and cement production, highlighting Nigeria's historical reliance on cement imports despite abundant limestone deposits. Rabiu stressed the importance of investing in local processing capabilities to reduce foreign exchange exposure and enhance economic resilience.

He cited BUA's strategic decision to invest in local cement production as a successful example of leveraging Nigeria's resources. Rabiu called for patient capital development and support from institutions like the African Finance Corporation (AFC) to drive industrial growth and value chain development across Africa.