The Founder and Executive Chairman of BUA Group, Alhaji Abdul Rabiu has urged the Federal Government to develop 100 more major industrial companies to accelerate economic growth and create jobs.
Rabiu spoke at the 32nd Nigerian Economic Summit with the theme; “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity.”
He said Nigeria needed more large-scale businesses across manufacturing, agriculture, mining, technology and other productive sectors to expand employment and strengthen the economy.
“Imagine a Nigeria with 100 more major industrial companies investing across manufacturing, agriculture, mining, technology, and other productive sectors. Imagine the jobs they will create,” he said.
Rabiu said the country had talented entrepreneurs capable of building major enterprises but faced obstacles preventing businesses from growing into large industrial companies.
He identified access to affordable, long-term capital as one of the major challenges facing manufacturers, whose investments often require between 10 and 15 years to realise their full potential.
“You cannot build a strong industrial economy primarily with expensive, short-term financing,” he said.
The industrialist called for stronger financial markets to channel more domestic capital into productive investments, noting that pension funds, insurance companies, banks and development finance institutions had important roles to play.
He also stressed the need for consistent government policies, reliable infrastructure, security and effective institutions to encourage businesses to invest for the long term.
Rabiu said Nigeria must move beyond exporting raw materials and importing finished goods to processing its resources locally, manufacturing products and expanding exports.
He cited the cement industry as an example of how industrialisation and private-sector investment could reduce import dependence and strengthen domestic production.
“Today, through deliberate policies and major private sector investments, Nigeria has become self-sufficient in cement production and is now a major exporter,” he said.
Rabiu said the transformation demonstrated the importance of investing in local processing and manufacturing rather than relying on raw-material exports.
He said BUA Group had continued investing in cement, food manufacturing, agriculture and other industrial activities because of its confidence in Nigeria’s economic future.
The businessman said industrial investments could create opportunities beyond factory employment, benefiting farmers, transporters, distributors, suppliers and small businesses.
He called for greater investment in infrastructure, including roads, railways, energy and efficient utilities, to enable manufacturers to serve markets across Nigeria and beyond.
Rabiu also emphasised the importance of agricultural value addition, saying the country should increase local processing to generate greater economic benefits from its agricultural resources.
He cited BUA Group’s integrated sugar project, which combines sugarcane cultivation, processing, refining, ethanol production and electricity generation as an example of linking agriculture with industrial development.
He said the future of Nigerian agriculture depended on moving beyond crop production to processing and adding value locally.
Rabiu further disclosed that BUA Group was expanding its food businesses across flour milling, pasta, noodles, edible oils, rice milling and feed production.
He said the projects were expected to double production capacity, while strengthening food security, creating jobs and supporting farmers and suppliers.
The industrialist called for a new economic accord involving government, businesses and citizens anchored on policy stability, productive investment, human capital development and long-term financing.
He said economic growth must translate into better employment opportunities, higher incomes and improved living standards rather than being measured solely by increases in economic output.
“Because the true nature of economic success is not simply whether our economy grows. It is whether that growth changes the lives of our people,” he said.
Rabiu urged Nigerians to take collective responsibility for the country’s development, stressing that sustainable prosperity required commitment from government, businesses and citizens.
“No one will build Nigeria first. We must build Nigeria first,” he said. (NAN)
