Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu, has called for a decisive shift in Africa’s development strategy, urging governments and investors to move the continent from raw material extraction to large-scale industrial processing and value addition.
Rabiu made the call in Cape Town, South Africa, while speaking as Special Guest of Honour at an Africa Finance Corporation, AFC, forum during Mining Indaba 2026.
The event brought together African leaders, policymakers, financiers and industry executives to discuss the future of mining, industrialisation and real sector development across the continent.
Commending the Africa Finance Corporation for mobilising long-term capital for Africa’s industrial sectors, Rabiu noted that strong development finance institutions are critical to shaping the continent’s growth trajectory.
Drawing from BUA Group’s experience, he recalled the company’s decision sixteen years ago to shift from cement importation to local production in Nigeria, despite the heavy capital requirements and long gestation periods involved.
He stated that Nigeria was previously importing cement despite having abundant limestone deposits, stressing that the real challenge was not the availability of resources, but the resolve to produce locally.
According to him, BUA now mines and processes about forty thousand tonnes of limestone daily, producing approximately one million tonnes of cement monthly, a shift that has helped Nigeria transition from cement importer to net exporter, saving billions of dollars in foreign exchange annually.
Rabiu disclosed that the Africa Finance Corporation has provided over four hundred million dollars in financing to support BUA’s cement and industrial operations, adding that a significant portion has already been repaid, demonstrating the commercial viability of well-structured African industrial projects.
He described Africa’s continued export of raw minerals and agricultural produce as a structural paradox, noting that although the continent is resource-rich, it captures only a fraction of the value created downstream.
Rabiu also extended the argument to agriculture, pointing out that Africa holds a majority of the world’s arable land, yet imports billions of dollars’ worth of food each year.
He called for coordinated action among governments, development finance institutions and the private sector to scale up long-term financing, incentivise local processing and invest in power, transport and industrial infrastructure.
Rabiu concluded that Africa’s industrialisation must be intentional and policy-driven, stressing that the continent’s future lies in moving from extraction to transformation and shared prosperity.
