Founder and Executive Chairman of BUA Group, Abdul Rabiu, has called for a bold shift in Africa’s development model, urging governments and private investors to focus on industrial processing and value addition.
Speaking as Special Guest of Honour at the Africa Finance Corporation forum during Mining Indaba 2026, Rabiu highlighted the need to move the continent beyond raw material exportation.
He commended AFC for mobilising long-term capital for industrial projects, citing the institution’s leadership and positive S&P Global rating as evidence of its vital role in Africa’s growth.
Drawing from BUA’s experience, Rabiu recounted how the company moved from importing cement to local production over 16 years ago, despite high capital costs and long gestation periods.
“At the time, Nigeria was importing cement despite abundant limestone.
“The challenge was conviction, not resources. Today, BUA produces one million tonnes monthly, transforming Nigeria into a net exporter, ” he said.
Rabiu credited patient financing from DFIs, particularly the AFC, which provided over $400 million for cement and industrial operations, noting that much of the capital has already been repaid.
He stressed Africa’s structural paradox: the continent is rich in minerals and arable land but exports raw materials while importing finished goods, capturing minimal downstream value.
“Africa does not lack resources; it lacks processing capacity, industrial scale, and disciplined execution,” he said, adding that the challenge extends to agriculture, where billions are spent annually on food imports.
Rabiu urged governments to adopt policies that incentivise local processing and invest in power, transport, and industrial infrastructure to enable industrialisation by design rather than accident.
He concluded that aligning private enterprise, long-term capital, and supportive policy would allow Africa to shift from extraction to transformation, unlocking shared prosperity across the continent.
