Abdul Samad Rabiu Urges Africa's Industrial Shift

Abdul Samad Rabiu, Chairman of BUA Group, urged African governments, financiers, and the private sector to shift the continent's economic model from raw resource extraction to large-scale processing and industrial transformation. Speaking at an Africa Finance Corporation forum during Mining Indaba 2026, Rabiu highlighted BUA Group's experience in Nigeria, where it transitioned from importing cement to local production, saving billions in foreign exchange. He stressed that such transformation requires patient, long-term financing from development finance institutions like the Africa Finance Corporation, which has supported BUA Group with over $400 million. Rabiu pointed out Africa's 'structural paradox' of exporting raw materials while importing finished products at higher prices, citing examples in mining and agriculture. He called for coordinated action to incentivize local processing, invest in infrastructure, and scale long-term financing for industrial value chains, emphasizing that industrialization must be a deliberate policy choice for Africa to move from potential to shared prosperity.