•Abdul Samad Rabiu at the Mining Indaba 2026
The Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu, commended the Africa Finance Corporation (AFC) for mobilising long-term capital for Africa’s industrial sectors and cited its recent S&P Global rating with a positive outlook as evidence of its growing influence.
Rabiu made the remarks as the Special Guest of Honour during the AFC forum, Mining Indaba 2026, which brought together African leaders, policymakers, financiers, and industry executives to discuss the future of mining, industrialisation, and real sector developments.
Drawing from BUA Group’s experience, Rabiu recounted the company’s transition from cement importation to local production in Nigeria over sixteen years ago.
He revealed that BUA now mines and processes 40,000 tonnes of limestone daily, producing about one million tonnes of cement per month, transforming Nigeria from a cement importer to a net exporter and saving billions in foreign exchange annually.
Rabiu emphasised that such industrial transformation was only possible with patient, long-term financing from DFIs, noting that AFC has supported BUA’s operations with over $400 million, much of which has already been repaid.
Turning to the broader continental picture, he warned that Africa remains one of the world’s most resource-rich regions yet exports the bulk of its minerals and agricultural produce in raw or minimally processed form, capturing only a fraction of the downstream value.
He called this a structural paradox affecting mining, agriculture, and industrial growth.
“Africa does not lack resources. What it lacks is processing capacity, industrial scale, and disciplined execution,” Rabiu said.
He citied gold, cobalt, copper, iron ore, diamonds, and cocoa as examples of sectors where the continent exports raw materials instead of finished products.
He urged coordinated action, with DFIs providing long-term financing for industrial projects and governments adopting policies that incentivise local processing and invest in infrastructure such as power, transport, and industrial parks.
