Nigeria Must Stop Depending on Imported Finished Goods — BUA Chairman

The Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu, has urged Nigeria to cut its reliance on imported finished goods by expanding local manufacturing, processing raw materials at home and boosting exports.

Rabiu made the call on Monday in a keynote address at the 32nd Nigerian Economic Summit in Abuja. He argued that the country cannot achieve lasting prosperity if it remains mainly a consumer of foreign products.

“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.He pointed to the cement industry as proof that deliberate policies and private investment can turn an import-dependent sector into an export success.

“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 stated.

He added: “Nigeria must increasingly grow what it consumes, manufacture what it needs, and export more of what it produces.”Highlighting BUA’s own growth, Rabiu noted that its two listed subsidiaries, BUA Foods and BUA Cement have a combined market capitalisation of more than $17 billion. He also announced ongoing investments in flour milling, pasta, noodles, edible oils, rice milling and feed mills, expected to be completed in 2027.