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Nigeria needs a significant expansion of its industrial sector to unlock its economic potential, BUA Group founder Abdul Samad Rabiu has said, urging the country to create more opportunities for large-scale businesses to thrive.
Rabiu presented the proposal at the 32nd Nigerian Economic Summit in Abuja, where he advocated the establishment of at least 100 major companies across different sectors of the economy.
He argued that building a stronger industrial base would help Nigeria generate more employment, increase economic activities and improve its ability to compete with other countries. He also stressed that the country should take advantage of its natural resources instead of exporting raw materials or relying heavily on foreign suppliers for finished products.
The businessman cited developments in Nigeria’s cement industry as an example of how local investment can transform a sector and reduce dependence on imported products. He maintained that similar progress could be achieved in other areas if investors received the necessary support to establish and expand their businesses.
Rabiu also highlighted agriculture as an area requiring urgent attention. He called for better access to financing, modern farming equipment, irrigation and improved facilities for processing and preserving agricultural produce, noting that these measures could strengthen food production and reduce waste.
He further emphasised that businesses require dependable infrastructure, accessible long-term financing and consistent government policies to operate successfully. According to him, creating the right conditions for investment would encourage more entrepreneurs to establish industries and expand existing operations.
The BUA chairman’s proposal comes amid continuing efforts to strengthen Nigeria’s productive capacity, with increased local manufacturing expected to support job creation, boost exports and reduce the country’s exposure to fluctuations in international markets.
