Abdul Samad Rabiu CFR CON, Founder and Chairman of BUA Group, called for a decisive shift in Africa’s development strategy, urging governments, financiers and the private sector to move Africa from raw material extraction to large-scale industrial processing and value-added production.
Rabiu was speaking as the special guest of honor at the African Finance Corporation Forum during Mining Indaba 2026. The forum brought together African leaders, policy makers, financiers and industry executives to discuss the future of mining, industrialization and real sector development on the continent.
Mr. Rabiu praised the AFC’s role in mobilizing long-term capital to Africa’s industrial sectors, noting that the agency’s leadership and recent positive S&P Global Ratings outlook underscore the importance of strong development finance institutions in shaping Africa’s growth trajectory.
Drawing on BUA Group’s experience, he detailed the company’s decision more than 16 years ago to move from importing cement to local production in Nigeria, despite the capital concentration and long establishment period associated with mining and heavy industry.
LR: Abdul Samad Rabiu (CFR, CON) and AFC Chairman and CEO Samaira Zubair at the South African Mining Indaba 2026 hosted by AFC.
“At that time, Nigeria was importing cement even though we were rich in limestone,” Rabiu said. “We were spending more time chasing foreign exchange than selling cement. The real question was not whether the resources existed, but whether we had enough confidence to stop importing and start producing locally.”
Currently, BUA mines and processes about 40,000 tonnes of limestone every day and produces about 1 million tonnes of cement every month, he said. This change has transformed Nigeria from a cement importer to a net exporter, saving billions of dollars in foreign exchange every year.
Mr. Rabiu stressed that such transformation would not have been possible without patient long-term financing from DFIs, especially the African Finance Corporation. African Finance Corporation has supported BUA’s cement and industrial operations with over $400 million in financing.
He added that most of these facilities have already been paid off, proving that well-structured African industrial projects are not only viable for development, but also commercially viable and recyclable.
Looking at the broader continental picture, Rabiou highlighted what he described as a tectonic paradox. Although Africa remains one of the world’s most resource-rich regions, it exports the majority of its minerals and agricultural products in raw or minimally processed form.
He pointed out that while Africa supplies much of the world’s raw materials, it captures only a fraction of the value created downstream, citing examples such as gold, cobalt, copper, iron ore, diamonds and cocoa.
“Africa is not lacking in resources,” he says. “What’s missing is processing power, industrial scale, and disciplined execution.”
He argued that the same challenges extend beyond mining to agriculture, as Africa continues to import billions of dollars worth of food each year while accounting for the majority of the world’s arable land.
Mr. Rabiu called for concerted action between governments, DFIs and the private sector, calling on DFIs to expand long-term financing for benefits and industrial value chains, while governments adopt intentional policies that encourage local processing and encourage investment in power, transport and industrial infrastructure.
“Industrialization doesn’t happen by accident,” he said. “Countries that industrialized did so by design, not by chance. Africa must do the same.”
He concluded by stressing that Africa’s opportunity lies in aligning private enterprise, patient capital and supportive policies to move the continent from extraction to transformation and from potential to shared prosperity.
About BUA Group
BUA Group is one of Africa’s leading manufacturing, mining, food and infrastructure conglomerates headquartered in Lagos, Nigeria. Founded in 1988 by businessman Abdul Samad Rabiu, BUA invests heavily in mining and infrastructure, including cement manufacturing, construction, real estate, gypsum production, quarrying and mining.
