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Tag: Abdul Samad Rabiu

  • BUSINESS PERSONS OF THE YEAR 2025: Abdul Samad Rabiu – Accomplishment  with benevolence

    BUSINESS PERSONS OF THE YEAR 2025: Abdul Samad Rabiu – Accomplishment  with benevolence

    Abdul Salam Rabiu, is not exactly the typical businessman whose impact, wealth and reach terminate within the family and enclave. No. His spans the larger segment of the populace, and not restricted to near family circles alone. His businesses have lifted many from lack and want, and provided employment to thousands, both direct and indirect engagement. He has shared and continue to splash his resources in numerous community social responsibility projects, including roads construction, schools, scholarship awards and building of health facilities, thus endearing his companies to people in areas of their operations. These qualities among others, singled him out for selection as one of The Nation’s Business Persons of the Year, 2025, writes Group Business Editor, Simeon Ebulu.

    The story of Abdul Samad Rabiu’s rise to the zenith of Nigeria’s list of business moguls, cannot be told only in the context of his achievements, be it as a businessman, or a philanthropist. Most of what is acknowledged today as his accomplishments are the outcomes of a resolute determination to fight to retain his space, and a resolve to succeed. 

    His rise to his present status wasn’t by accident, or luck; it was a journey laced with obstacles, both from the private sector business community and the public service, with clear connivance and acquiescence from senior government officials.

    The intrigues started early from the time he took over from his father, until lately when he had a brawl with the Nigerian Ports Authority (NPA) over the concession of jetty and space at the Port Harcourt Port, in Rivers State. He literarily fought his way through various roadblocks to the enviable position he occupies today.

    Suffice it to say that these battles were fought and surmounted in virtually all segments of his businesses, from flour mills, to sugar refining, ports operations, and cement production,  just to mention but a few. It’s been battles of wits and brawn.

    Today, Rabiu is listed among very few Nigerian leading businessmen whose exploits and accomplishments in manufacturing, trading and logistics, under its trade mark – the BUA Group, have transcended the nation’s boundaries. They are rated currently as global brands in virtually all the segments they are engaging.

    The BUA Group which he founded and sits atop as Executive Chairman, over three decades ago, boasts of leading corporations which in themselves are leaders in their respective fields of operations.  These companies include BUA Foods, BUA Cement and Real Estate, among others. Each segment of the business is programmed to meet specific needs of Nigerian households and the larger international community. 

    BUA Foods, for example, is committed to bridging the supply gap of the nation’s sugar requirement and staple foods, such as rice, among others. To this end, the group has established the BUA Sugar Estate located in Lafiagi, Kwara State, which also includes a large sugarcane plantation and integrated sugar mill, refinery and an ethanol plant. BUA also has other sugar-related facilities, including a refinery in Port Harcourt and Apapa in Rivers and Lagos states respectively.

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    The group, typified by BUA Cement, has also risen up to meet the nation’s and others’ construction requirements, as well as the build-industry with the commissioning of new the lines in Edo and Sokoto States. The company is continuing on its expansion plans through new projects.

    Over the years, the BUA Group and its associated companies, have shown class in the Nigerian Capital Market, the NGX group with the outstanding performance of their stocks, at times providing market leadership.

    In making investment decisions, Rabiu takes into consideration the need to diversify his portfolio by spreading investments across different sectors. Adopting this strategy minimises risk and maximises profit potentials. Also, investment in high-demand sectors is one of his preferences. He leveraged on this strategy in his decision to embrace cement production, and it has paid off handsomely.

    Making cement available and at affordable price, dovetails into one of his dreams of contributing to making housing available to the low and moderate income earners in our communities. It is for this reason that he advocated some years ago for reduction of cement prices, and went ahead, on his own to slash the price of his brand to enable access to the product for buyers.

    One of his strengths equally lies in his understanding of the Nigerian market and its challenges. His collaboration, particularly with government and international firms, has fuelled BUA Group’s growth. For real estate investors, forming strategic partnership has brought additional resources, expertise and access to larger projects. Rabiu’s success in the cement and real estate industries highlight the value of investing in sectors with consistent demand.

    His investment decisions are known to be guided by a long-term vision, centered on industrialisation, backward integration, and social impact within Nigeria and across Africa. His philosophy emphasises self-sufficiency, efficiency, and job creation over short-term profits. Also, he sees backward Integration as a core strategy which involves focusing on local production and sourcing raw materials within Nigeria which ultimately reduces reliance on imports and foreign exchange, and adds value to the local economy

    Philanthropy, awards and honours

    Rabiu has earned several awards across the spectrum. These include the Nigerian National Honors of Commander of the Federal Republic (CFR) and Commander of The Order of The Niger (CON). At the International level, he has received the ‘African Industrialist of the Year Award’ at the All-Africa Business Leaders Awards held in 2016. Others are Business and Leadership Awards, and has also been recognised as “CEO of the Year” by the African CSR Awards in 2022 and has equally received the ‘Sun Man of the Year Awards’ in the same year.

    In philanthropy, his exploits are unassailable. He was named ‘New Telegraph Philanthropist of the Year’ n 2021 and received numerous awards for his philanthropic work, including the ASR Africa Initiative awards for Social Impact and Human Capital Advancement. He has equally been honoured with the PEARL Lifetime Achievement Award for National Economic Development.

    His philanthropy extends beyond this single act. Through the Abdul Samad Rabiu Africa Initiative (ASR Africa), he has channelled significant resources into healthcare, education, and social development. Whether through funding research institutions, equipping hospitals, or supporting young entrepreneurs, his approach reflects a structured vision for national growth.

    What sets Rabiu apart is his ability to balance business success with social responsibility. His decision to lower cement prices, despite resistance from some special interest groups, was driven by a desire to make homeownership more accessible. For those benefiting from his generosity, he represents more than wealth – he is a force of change, making prosperity more inclusive.

  • ‘Tinubunomics’ as last chance for the Nigerian bourgeoisie? (2)

    ‘Tinubunomics’ as last chance for the Nigerian bourgeoisie? (2)

    One of the most insightful assessments of the last two years of the President Bola Tinubu administration was undertaken, perhaps understandably, by the Chairman of the BUA Group, a leading investor in diverse productive sectors of the Nigerian economy, Alhaji Abdul Samad Rabiu. As a practical business operative at home with the realities of running functioning companies in Nigeria that engage in production, he was able to demonstrate with concrete examples the positive impact of the administration’s key reform policies including removal of fuel subsidy, merger of the parallel exchange rate markets and the consequent devaluation of the Naira, massive investment in infrastructure and temporary waiver of tariffs on agricultural imports among others on economic growth and development. Alhaji Rabiu ‘s hands -on understanding of the economy reminds one of the late Alfred Chief Alfred Rewane, another astute businessman, in his very public disagreements with the late Professor Ojetunji Aboyade, the brilliant but essentially theoretical economist, who was one of the academic pillars of military President, General Ibrahim Babangida’s Structural Adjustment Programme (SAP).

    Unlike Mr Peter Obi, for instance, the presidential candidate of the Labour Party (LP) in the 2023 elections who is a substantial player in the Nigerian economy but only as a trader,  importer and financial speculator with tangential involvement in production, Rabiu appreciates the critical significance of the Tinubu administration’s policies in expanding and strengthening the productive capacities of the economy. According to Alhaji Rabiu, “In infrastructure, the difference is also clear. Look at the Lagos-Calabar highway. Look at the Sokoto-Badagry road. Look at the Kwara projects we are executing under the tax credit scheme. Look at Kano-Kongolam. Look at the Okpella to Kogi State corridor. These projects are progressing because of the savings from subsidy removal and FX unification. With more revenue, Nigeria is building”.

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    Continuing, Rabiu states that “These roads and others being built are critical because logistics have become a major challenge. Transporting goods from Lagos to the North is very expensive due to bad roads. Now, the President is addressing this. With better infrastructure, logistics will improve, and businesses will grow. These reforms have enabled long-term planning and serious investment”. When he gives concrete examples of how the reforms have enhanced the investment capacity and activities of the BUA Group in the Nigerian economy, you readily understand why Rabiu, just like Alhaji Aliko Dangote, another development -oriented capitalist, cannot indulge in the unproductive fantasizing of a Peter Obi who loves to travel the world to spread his delusional gospel of a non-performing Tinubu administration armed with manufactured statistics of dubious provenance.

    In the words of Rabiu, “Since President Tinubu took office, BUA Group has invested over one billion dollars in the Nigerian economy. We are expanding our food business, doubling our flour and pasta facilities in Port Harcourt and building another one in Lagos. Demand is increasing. People are earning more. Confidence is returning. We have also completed the first POP plaster manufacturing plant in Nigeria which is now operating and are soon starting construction of a 300 MW solar energy project in Sokoto State. In the oil and gas sector, we are completing our LNG project in Ajaokuta, Kogi State. These investments are possible because of stability that has been brought about by President Tinubu’s reforms. We can plan now. The exchange rate has been fairly stable for almost a year. FX is accessible. Money is coming in from different sources, and investors are responding. If you want 200 million dollars a week for trade, you can get it without lobbying anyone at the Central Bank. These are the results of good policies”.

    Speaking this week at the inauguration of the access road to the Lekki Deep Sea Port in Lagos, Alhaji Dangote expressed similar sentiments. According to him, “Your leadership has been both decisive and reassuring. Your actions have reignited hope for a prosperous Nigeria of today and of the future. From the very start of your administration, Your Excellency has worked tirelessly to foster an enabling environment for private sector -led growth”. It is perhaps people like Rabiu and Dangote that Alhaji Abubakar Atiku was referring to when he said the Tinubu administration’s policies were benefitting the rich who are being made richer. It is not known when the Waziri Adamawa became a fire -belching revolutionary. But at least the two businessmen are contributing phenomenally to the growth of the Nigerian economy and generating mass employment through aggressive and unceasing investment in diverse sectors. Most of those of his friends to which several of Nigeria’s public enterprises valued at billions of Naira were auctioned for peanuts when Atiku statutorily supervised the privatization programme were criminally enriched without adding value to the national economy.

    Dangote and Rabiu are not the only inspiring examples that suggest that the sustenance and consumation of the ongoing economic reform policies of the Tinubu administration may offer the last chance for the creation of the conditions to enable the Nigerian borgeosie become catalysts for national development. Any failure this time around may make ever more imperative  far more radical and hardly peaceful or democratic options to force the country to break out of what is becoming to be perceived as an irresolvable developmental dead-end. This is why it is heartwarming that at least 22 manufacturing companies have so far benefitted from the disbursement of N16.1 billion loans of the N75 billion provided for under the Presidential Conditional Grant Scheme to strengthen their productive bases and expand their distribution lines at nine per cent interest rate annually. But it is now 14 months after the policy was first announced in December 2023 and it’s slow pace of implementation has been attributed to government bureaucratic delays.

    The Bank of Industry (BOI), which is the vehicle for implementing the policy must surely devise strategies for companies to have accelerated access to these critical funds without compromising procedural rigour and integrity. This is particularly so as the plan as announced also includes provision of another N75 billion for 75,000 Micro, Small and Medium Enterprises (MSMEs) to obtain loans of N1 million each to support their businesses and cushion the adverse consequences of the reforms. The earlier the affected companies obtain and begin to utilize the loans, the better for the reforms and the brighter the prospects of achieving the objectives for which the fund is being injected into the economy will be.

    Radical political economists make a distinction between waves of transient economic crises in African countries and the more fundamental challenge of underdevelopment. Unfortunately, Orthodox economists tend to conflate the two. Thus, they often pursue policies that address the economic crisis in the short term, may achieve an appreciable rate of growth but still do not promote development in any concrete or meaningful manner. The radical political economist, Professor Okwudiba Nnoli, made this point in the late 1980s with regard to the SAP then being implemented and his submission remains valid. As he put it then: “The SAP is addressed to a steady and balanced growth, not to development. Therefore, it emphasizes changes in the indicators of growth, such as the gross domestic product, balance of payment, exchange rates, money supply, interest rates, privatization and liberalization of trade. It ignores the qualitative changes in society induced by changes in these parameters.”

    Critical as these technical considerations are in economic policy formulation and implementation, they must be supported by the most crucial factor in achieving national development, which is the mobilization of the popular energies of the people to engage as active agents in the development process. Unfortunately, this is where liberal economics is deficient and it is in the direct engagement of the people physically, psychologically, emotionally and spiritually to participate actively in and contribute concretely to the development process that ‘Tinubunomics’ can truly realize its potentials. For instance, with regard to food availability to curtail stratospheric prices, Alhaji Rabiu noted that the temporary tariff waivers on food imports granted by the Tinubu administration for six months, “allowed rice to be brought in and milled immediately. The hoarders were cut out. Prices began to drop. It was a short-term solution, but it worked”.

    But then, what happens when the tariff waivers expire after six months? Agriculture is one sector where large numbers of people can be mobilized to grow food on an expansive scale. The country has an abundance of fertile land.  In most parts, the climate is clement for productive agricultural activities. Already, considerable investment is being made made in the procurement and distribution of agricultural inputs such as seedlings, fertilizers and insecticides. Orders placed for tractors, harvesters and other mechanical appliances are being delivered. But these are not sufficient conditions to achieve munificent food production. Equally critical is the appropriate mobilization and organization of the people to engage in mass food production.

    As has been advocated in this space a number of times, the organization of Nigerian farmers into viable Cooperatives has become an indispensable categorical imperative. It is hard but unavoidable work if we are to develop a thriving and vibrant agricultural sector. As Chief Obafemi Awolowo, who had thought deeply and written extensively on the issue, submitted in one of his lectures, “To this end, the oft-repeated and sound policies of the Federal and State governments towards Nigerian farmers of (1) organizing them into virile, viable and prosperous Cooperatives; (2) subsidy in kind, cash and services; (3) provision of finance and technical know-how; should now be pursued and translated into realities with unabating dispatch and vigour”.

    Even the requisite security without which displaced farming communities cannot fully return to active work on their farms in a safe and conducive environment can only be achieved with the active involvement of the people. The people, organized to secure their communities but armed to a level not below that of those who ceaselessly attack and seek to seize their land, must be the basis of an effective community policing system under federal or state control. The proposed ‘Forest Rangers’ recently approved by the President must thus be essentially people and community-based. The President should urgently give a deadline for its recruitment, training, equipping and take-off as the restoration and sustenance of security across rural and urban communities across the country is critical to the ultimate success of ‘Tinubunomics’.

    •This article was first published June 7, 2025

  • Two years of President Tinubu: A business perspective by Abdul Samad Rabiu

    Two years of President Tinubu: A business perspective by Abdul Samad Rabiu

    As Nigeria marks two years under the leadership of President Bola Ahmed Tinubu, I believe it is important to reflect, not from the lens of politics, but from the perspective of business, of industry, and of the economy. I speak not only as the Chairman of BUA Group – one of Africa’s largest conglomerates ‑ but also as someone who has lived through the complexity of Nigeria’s reforms. I have seen the cost of dysfunction, the burden of inefficiency, but, more importantly, the promise of a level playing field and the dividends of decisive governance

    Fuel subsidy removal

    The removal of the fuel subsidy is one of the most important decisions taken by this administration. Before that, Nigeria was selling PMS at 200 or 250 Naira per litre, which was about 25 or 30 cents. I doubt there was any country in the world where fuel was being sold at that price. During my trip to Saudi Arabia for the lesser Hajj in February this year, I checked the pump price at one of the petrol stations as we drove from Jeddah to Mecca. When I converted the price to Naira, it was almost 1,500 Naira per litre. That was Saudi Arabia.

    We could simply not afford the subsidy. It was not just Nigerians who were benefiting from it. We were subsidising the entire region. I remember visiting Niger Republic a few years ago when President Bazoum honoured us. During dinner, he joked and said, “Thank you for the subsidy.” He said 100 percent of all PMS consumed in Niger was coming from Nigeria because it would cost them three times more to import. There was no incentive for them to bring in their own fuel or refine crude at their own refinery. This was the situation across the region.

    Today, I understand that our fuel consumption has dropped by almost 40 to 50 percent. It is not because Nigerians are consuming less, but because neighbouring countries have stopped tapping into our subsidised fuel. The PMS is still cheaper in Nigeria, even at 800 or 900 Naira per litre, but the logistics no longer support easy access. Countries like Niger and Benin Republic still take fuel from Nigeria, but others have stopped.

    The removal of subsidies was needed not only to save the economy but to ensure that Nigerians alone benefit from what is imported. Even if there must be subsidy, it should be for Nigerians only. The money saved is now being channelled to infrastructure, to better support for states, and to other developmental priorities. All the states are receiving more money now, and that has made a real difference.

    I am of firm opinion that President Bola Ahmed Tinubu made the right decision, and he made it boldly. On the first day he took office, he did what everyone knew had to be done but no one dared to do. He acted immediately. Many criticised him, but he did the right thing, and it saved the country. Had we continued under that burden, only God knows where we would be today. I always say, Mr President is probably the only one who had the courage to take such hard and necessary decisions.

    On the unification of the foreign exchange regime

    The unification of the foreign exchange market is another critical reform. Before this, many of us in the business community spent most of our time chasing foreign exchange. I personally spent half of my time trying to get FX from the Central Bank of Nigeria. The CBN was the only source of official exchange, offering FX at around 500 Naira when the parallel market was 800 or 900. No business could survive outside the CBN structure.

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    Every two weeks, we would go to Abuja to seek allocations. It was exhausting and inefficient. You had to camp there for three or four days before Allocation Monday, waiting for the CBN to allocate dollars. Today, I have met the new CBN Governor, Mr Cardoso, only once in two years. The reason is simple: I do not need to go to Abuja now to get foreign exchange. The system is open. It is working.

    This was also a bold move by President Tinubu. It was necessary, and he took that decision as well. We are very glad because today we can focus on our businesses. These reforms are saving the economy.

    Fairness, sanity and stability in business

    Under this administration, we have seen a return to fairness and stability in business. We no longer worry about arbitrary shutdowns or politically motivated disruptions. Let me give a real example. We started a new business in Port Harcourt four or five years ago under BUA Foods, operating at  the Rivers Ports under a concession with the Nigerian Ports Authority. It was going very well. One day, we woke up to a letter stating that the concession had been revoked, the terminal shut down, and the lease agreement terminated. There was no prior warning, no issue, no conflict.

    Later, we discovered that the Managing Director of NPA at the time decided to close the business. Today, that kind of thing cannot happen. Nobody would dare take such an action under President Tinubu. You can wake up now without fear that your business has been shut down by an agency or politician.

    That stability is critical. That Port Harcourt plant alone has seen over $500 million in investment and has employed over 4,000 people. The confidence this government has brought is real, and it is helping us plan better.

    I must also personally acknowledge former President Muhammadu Buhari. When our Port Harcourt plant was unfairly shut down, it was his intervention that saved it. I had the privilege of explaining the situation to him. He agreed it was wrong and acted. He said he would not permit injustice under his watch. That decision saved the business. But the reality is, I had access. What if I did not? That is the difference today. Now, nobody needs access to the President to be treated fairly. Everyone knows that if you do something wrong under President Tinubu, you may lose your job or even face prosecution and go to jail. That is why I can now spend more time focusing on the business and relaxing.

    The President Tinubu reforms are creating a level playing field. Like I said previously, every business had to lobby the CBN for FX. If you did not, your business would collapse. Now, you do not need to go to Abuja. You just focus on your operations.

    Infrastructure as a key driver of development

    In infrastructure, the difference is also clear. Look at the Lagos-Calabar highway. Look at the Sokoto-Badagry road. Look at the Kwara projects we are executing under the tax credit scheme. Look at Kano-Kongolam. Look at the Okpella to Kogi State corridor. These projects are progressing because of the savings from subsidy removal and FX unification. With more revenue, Nigeria is building.

    These roads and others being built are critical because logistics have become a major challenge. Transporting goods from Lagos to the North is very expensive due to bad roads. Now, the President is addressing this. With better infrastructure, logistics will improve, and businesses will grow. These reforms have enabled long-term planning and serious investment.

    BUA will continue to bet on Nigeria

    Since President Tinubu took office, BUA Group has invested over one billion dollars in the Nigerian economy. We are expanding our food business, doubling our flour and pasta facilities in Port Harcourt and building another in Lagos. Demand is increasing. People are earning more. Confidence is returning. We have also completed the first POP plaster manufacturing plant in Nigeria which is now operating and are soon starting construction of a 30MW solar energy project in Sokoto State.

    In the oil and gas sector, we are completing our LNG project in Ajaokuta, Kogi State. These investments are possible because of stability that has been brought about by President Tinubu’s reforms. We can plan now. The exchange rate has been fairly stable for almost a year. FX is accessible. Money is coming in from different sources, and investors are responding. If you want 200 million dollars a week for trade, you can get it without lobbying anyone at the Central Bank. These are the results of good policies.

    On food security

    When I met President Tinubu recently, he raised concerns about food prices. He wanted to know what BUA Foods was doing. I explained that his six-month tariff waiver had worked. It disrupted hoarding in the rice market. In Nigeria, the rice harvest is short and runs for about three months. Middlemen were buying paddy rice, hoarding it, and raising prices post-harvest. This artificial scarcity drove prices to as high as N110,000 per bag. The farmers did not benefit. Farmers just wanted to sell and move on yet some people were buying from them, hoarding it, and creating a food crises in the country.

    The temporary waiver allowed rice to be brought in, and milled immediately. The hoarders were cut out. Prices began to drop. It was a short-term solution, but it worked. It showed foresight. I told the President it helped and that if the situation persists, further steps can be taken. But for now, it has made a difference.

    President Tinubu’s Nigeria first policy and backward integration

    President Tinubu’s Nigeria First policy has aligned well with our own belief in backward integration. Our cement business is almost entirely local. We mine our own limestone. We use Nigerian gas even though it is dollar-denominated. The only foreign element is the equipment, and even that benefits from government concessions for mining equipment which everyone else in the industry benefits. If we had to import cement today, prices would be over 15,000 Naira per bag. Nigeria does not have the port infrastructure to even handle the import volume. Producing locally has saved the economy and stabilised the sector.

    We are doing more, and we will continue to do more. Nigeria has everything—population, arable land, resources, water, and now, strong leadership under President Tinubu. We believe in Nigeria because the fundamentals are now strong. My advice to all is to take a Bet on Nigeria. This is the place to be.

    So for me, what has this administration done right? First, it removed the fuel subsidy which was the biggest economic scam in our history. Second, it unified the foreign exchange market and third, it restored stability, fairness, and confidence in the economy. These are the foundations of growth. Nigeria is full of potential. With the right leadership, which we now have, there is no limit to what we can achieve.

    Abdul Samad Rabiu is the Founder and Chairman, BUA Group. Watch the full, exclusive interview on youtube – https://bit.ly/pbatbua

  • Economic patriotism: The example of Rabiu, Dangote

    Economic patriotism: The example of Rabiu, Dangote

    By Otega Ogra and Temitope Ajayi

    There is a particular kind of silence that greets progress in Nigeria—when food prices fall, inflation slows, the country is positively recognised, debts paid, or things begin to work. It is the kind of silence that would rather keep a good story buried than be told. But make no mistake. What we see in the market today is not magic. It is the outcome of vision, backed by execution, from the Tinubu-Shettima administration.

    When President Bola Tinubu signed off on a six-month waiver to allow the importation of select food items, it was not an act of political showmanship. Rather, it was a visionary economic strategy at play. That singular decision broke a cartel of hoarders who had turned food insecurity into an immoral enterprise. But strategy alone does not and cannot lower the cost of rice. What does is when industry leaders respond with urgency.

    Last week, at the Aso Villa, the seat of the Presidency in Abuja, Abdul Samad Rabiu, did not just show up to thank President Bola Tinubu. He came prepared and showed up with results. He brought evidence—bag by bag, commodity by commodity—of how Mr President’s policy met action. Rice that once sold for N110,000 for a 50kg bag now sells for less than N70,000. Flour is down. Maize is down. And for once, the loudest people in the room are the ones who used to profit from scarcity, not the ones out to end the criminal profiteering.

    What happened here was disruption. The BUA team, as well as other major Nigerian manufacturers and industrialists who heeded President Tinubu’s call, understood the assignment. They flooded the market, shattered the economics of hoarding, and exposed a truth few want to say: sometimes, the real enemy is not the system. It is the silence and sabotage that follow reform.

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    But Alhaji Rabiu did not stop at food. He announced a second move upon the advice of fellow billionaire industrialist Aliko Dangote, which was just as consequential. In an economy that is recovering from FX volatility, energy price surges, and imported inflation, cement manufacturers have decided to freeze the price of cement, not for everyone, but for every contractor working under the government’s Renewed Hope infrastructure projects. This is not charity at play. This is alignment.

    Our two big businessmen understand the time, and they are doing their businesses conscious of the need to balance profitability with social responsibility. We have Aliko Dangote and Abdul Samad Rabiu to thank for leading the way and showing how to be worthy examples to Corporate Nigeria. The truth is that the business environment has been quite challenging. While this is so, there is also the problem of arbitrariness in how prices of goods and services have moved in the last two years. Many businessmen and women have taken undue advantage of Nigerians to engage in price gouging, unduly raising the cost of living for average Nigerians.

    Cement isn’t just a product. It is the bloodline of infrastructure. By holding the price steady for public works under the Renewed Hope Agenda, Dangote Cement, BUA Cement, Lafarge, and new entrants like Mangal Cement didn’t just make a corporate gesture. They bought the government fiscal room, time, and momentum. That is what nation-building looks like when it wears a private-sector face.

    It gets deeper. Working with Aliko Dangote, Abdul Samad Rabiu in the same spirit of putting country first, other cement manufacturers are partnering with the two prime movers in the cement manufacturing sector to resuscitate the Cement Technology Institute of Nigeria, pledging up to N20 billion annually to train artisans, real human capacity, not PowerPoint plans. We live in Nigeria, where, for the longest time, conversations about growth rarely touch skills. This novel move is, therefore, a bet on people because when people are trained, projects do not just get built but they endure.

    President Tinubu alluded to something important during that meeting. He did not just commend BUA, he called the actions of the private sector who have taken a bet on Nigeria throughout this period, “economic patriotism.” Whilst many sit on the sidelines waiting for stability before they act, it matters when Nigerians step in to create it.

    Nigeria does not just need big men; it also needs bold moves. What Rabiu, Dangote, and their peers are doing, from freezing prices and disrupting hoarding to funding technical skills, is not corporate PR. It is policy execution; and that is what separates firms that extract value from those that build it.

    In this phase of Nigeria’s transformation, we will need more of the latter. Our country can make do with more businessmen and women who understand that the private sector is not a spectator sport; that stability is not gifted but engineered. And to win the confidence of 250 million people, you must show, not tell, that the future of Nigeria is under construction.

    And if we tell these positive stories loud enough and well, if we stop whispering good news while bad actors shout, we may just shift the national mood from that of despair and hopelessness to productivity.

    We make bold this statement because when industry starts to move like this, it is more than just a market correction. It is a clear signal that the tide is turning positively.

    Our country must be a nation of strong, hopeful, and productive people. While some of the challenges of nation-building still persist, we must never shy away from telling those who take undue advantage of fellow citizens that businesses can still make fair and decent profit and not overburden citizens.

    President Tinubu knew from his first day in office that the task of reforming and retooling our economy for optimum performance would not be easy. He also knew what would be his place in history if he refused to take the difficult but necessary decisions that would create medium – and long-term sustainability and prosperity for Nigerians.

    Truly, the last two years have posed some economic challenges for Nigerians. As the reforms kick in, the macroeconomic variables are turning positive. The fiscal space is becoming more robust. National and subnational debts are being repaid, investors’ confidence growing faster at a higher rate than last decade. Nigeria is getting a more favourable credit rating from global institutions, inflation slowing down and the country is in a stronger balance of trade position with more robust foreign reserves.

    All these positive indicators point to how effective the policy prescriptions have been. The government is also working hard to tackle insecurity across the country with remarkable progress. At the same time, the government is investing in critical infrastructure such as roads, energy, rail, ports, irrigation, and social services.

    Overall, the economy recorded 3.84% GDP growth in Q4 2024, the highest in three years. The President Tinubu-led administration restored a new wave of final investment decisions into the oil and gas sector by signing an executive order that shortened the contracting cycle and freed up more fiscal incentives. On the back of these, the hydrocarbon economy has been bolstered by over $8 billion in new investments from SHELL, ExxonMobil, and TotalEnergies.

    The economic prospects are very bright, and the shared prosperity promised by President Tinubu is crystallising. Nigeria only needs more patriotic and passionate citizens who will always commit to national development and advancement.

    As the President has always said, the future of Nigeria will be one built by Nigerians, for Nigeria, and indeed, for Africa. No one, but ourselves, will build the Nigeria of our collective dream or Africa for us. The time to build together is now!

    •Ogra and Ajayi are senior aides to President Tinubu

  • BUA begins 2,400 tons of gypsum plaster production

    BUA begins 2,400 tons of gypsum plaster production

    BUA Gypsum Plaster Limited, a subsidiary of BUA Group, has started production at its newly completed, state-of-the-art Plaster of Paris (P.O.P) and plasterboard manufacturing facility located in Port Harcourt, Nigeria.

    The new plant is Nigeria’s largest gypsum plaster production facility, boasting a capacity of 2,400 tons per day. This development is set to boost local production, meet rising demand for plaster products, and reduce Nigeria’s reliance on imports.

    BUA Group, a leading African conglomerate headquartered in Lagos, Nigeria, has been a key player in manufacturing, mining, foods, and infrastructure since its establishment in 1988.

    The company has made notable investments across cement manufacturing, construction, real estate, plaster production, and quarrying.

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    Speaking on the achievement, the Chairman of BUA Group, Abdul Samad Rabiu, emphasised that the plant’s operation aligned with the company’s mission to strengthen value chains and increase capacity across industries.

    “The commencement of production at BUA Gypsum Plaster Ltd. is a major milestone in our efforts to support Nigeria and West Africa’s infrastructure development. With a daily production capacity of 2,400 tons, this facility will serve the housing and construction sectors, significantly reducing dependence on imported gypsum plaster products,” Rabiu stated

    In a move to ensure quality and enhance customer satisfaction, BUA is inviting businesses and distributors to register for product access and distribution rights.

    Rabiu highlighted that distribution will be limited to registered companies, with registration closing on December 31.

    As part of its exclusive launch promotion, BUA Gypsum Plaster Ltd. is offering a special introductory price of ₦8,000 per bag (ex-factory) for distributors who complete their registration by the end of December.

    Rabiu described this offer as an opportunity for partners to support local manufacturing while enjoying exceptional value. He encouraged interested companies to contact BUA’s plaster sales department for registration details or further inquiries.

  • BUA secures Afrexim Bank’s $200m

    BUA secures Afrexim Bank’s $200m

    African Export-Import Bank (Afreximbank) has approved a $200 million Corporate Finance Facility in favour of BUA Industries Limited to support its expansion plans.

    BUA is a Nigerian conglomerate with diversified business interests spanning across, sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping.

    According to a statement by the bank, the first tranche of $150 million was disbursed on October 16, 2024.

    Speaking on the transaction, Chairman of Bua, Abdul Samad Rabiu said the $200 million corporate finance facility from Afrexim Bank, marks a crucial step in BUA’s commitment to industrialising Nigeria’s manufacturing, infrastructure and energy sector for local use and export.

    “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand. Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience,” he said

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    Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that the facility would provide critical financial support to a leading Nigerian conglomerate as it pursues its expansion plans, thereby boosting its industrial base and Nigeria’s export manufacturing capacity.

    “We are delighted at this partnership, which promises to deliver significant impact through job creation, import substitution, and export diversification – thereby boosting Nigeria’s Gross Domestic Product (GDP).”

    Over the past decade, BUA has solidified its reputation as one of Africa’s fastest-growing and reputable companies with business interests spanning critical sectors of the African economy.

  • Rabiu: From the North to the world

    Rabiu: From the North to the world

    By Abdulrahaman Sade

    It is impossible to miss the innovative strategies employed by Northern Nigerian business titans to navigate challenges, seize opportunities, and innovate. Whether it’s their transformative role in the cement industry or contributions to agriculture and infrastructure, they have shaped Arewa’s economic narrative, and indeed that of Nigeria, and Africa as a whole. A commitment to social responsibility, community development, and empowerment initiatives reflects a broader vision for sustainable and inclusive growth in the region. And that is why I am penning this, a tribute to a visionary who has not only achieved success, but has also become integral to the nation’s journey towards economic resilience and prosperity.

    In the dynamic landscape of global business, certain individuals stand out not only for their financial success but also for their exemplary leadership and commitment to making a positive impact on society. Abdul Samad Rabiu, the Chairman of the BUA Group, is undoubtedly one such luminary. His journey to becoming a billionaire businessman is not only a testament to his entrepreneurial prowess but also an inspiration for aspiring leaders around the world. Born on August 4, 1960, in Kano, Nigeria, Rabiu hails from a family with a rich business heritage. His father, Isyaku Rabiu, was a prominent businessman, and from a young age, Abdul Samad was exposed to the intricacies of commerce and trade. This early exposure laid the foundation for his future endeavours and shaped his entrepreneurial spirit.

    Rabiu’s foray into the business world began with the establishment of the BUA Group in 1988. The conglomerate initially focused on the importation and marketing of rice, edible oils, and iron and steel. Under his astute leadership, the company diversified its portfolio, expanding into various sectors, including cement, real estate, infrastructure, and agriculture. This diversification strategy not only showcased his strategic vision but also positioned the BUA Group as a major player in the Nigerian economy.

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    One of Abdul Samad Rabiu’s most notable achievements is his pivotal role in the transformation of the Nigerian cement industry. Recognizing the growing demand for cement in the country, he spearheaded the establishment of the BUA Cement Company. Through strategic investments and a commitment to excellence, BUA Cement rapidly emerged as a key player in the Nigerian cement market, contributing significantly to the nation’s infrastructural development. His leadership style is characterized by a unique blend of innovation, and a keen understanding of market dynamics. He has consistently demonstrated the ability to navigate challenges, and turning obstacles into opportunities. His strategic decisions and forward-thinking approach have not only propelled the BUA Group to new heights but have also contributed to the economic development of Nigeria.

    Beyond his achievements in the business realm, Rabiu is widely admired for his philanthropic endeavours. Committed to giving back to the community, he established the Abdul Samad Rabiu Initiative (ASR) as a platform to drive sustainable development initiatives. The ASR Initiative focuses on education, healthcare, and social development, with the aim of uplifting marginalized communities and creating a positive impact on the lives of Nigerians.

    Rabiu’s dedication to education is particularly commendable. Through the ASR Africa initiative, he has pledged a significant portion of his fortune to fund education and healthcare projects across the African continent. This philanthropic commitment reflects his belief in the transformative power of education and healthcare in fostering societal progress. In addition to his business acumen and philanthropic efforts, his personality is often described as humble, approachable, and grounded. Despite his immense success, he remains connected to his roots and is actively involved in community development initiatives. His down-to-earth demeanour has endeared him to colleagues, employees, and the wider community, earning him respect and admiration beyond the business realm.

    Rabiu’s journey from a small trading business to the helm of a diversified conglomerate is a testament to the possibilities that exist for those with vision, determination, and a commitment to excellence. His rise to prominence serves as an inspiration, particularly for individuals from Northern Nigeria, showing that geographical or socio-economic factors need not be barriers to success.

    As a visionary leader, Abdul Samad Rabiu continues to shape the economic landscape of Nigeria and contribute to the continent’s growth. His legacy extends beyond the boardroom, encompassing social responsibility and a genuine desire to uplift those in need. In recognizing his achievements, we celebrate not only a successful businessman but a compassionate and forward-thinking individual whose impact reaches far beyond the balance sheets of the companies he leads. He stands as a beacon of hope, demonstrating that through perseverance, integrity, and a commitment to making a positive impact, one can transcend limitations and build a legacy that inspires generations to come.

    • Sade, the Sadaukin Bauchi, writes from Abuja