BUA Group: Spearheading innovation, creativity in Nigeria’s manufacturing sector
Under the stewardship of a dynamic entrepreneur, Abdulsamad Rabiu, BUA Group has grown into a powerful foods and infrastructure conglomerate that is highly active in a number of key industries in West Africa. Spearheading innovation, enterprise and creativity in a diverse range of business sectors throughout Nigeria, BUA Group has achieved outstanding success since it started operations.
Established 27 years ago as a private limited liability company specialising in the importation and marketing of iron and steel products, agricultural and industrial chemicals, BUA Group has grown into a full-fledged, diversified business with a stake in different sectors.
With its corporate headquarters based in Lagos, BUA Group is now involved in manufacturing, port concessions, real-estate development, and shipping.
The group has also embarked on a series of strategic acquisitions which have seen its business portfolio expand to include the Cement Company of Northern Nigeria (CCNN), Edo/OBU Cement, BUA Flour Mills, BUA Sugar Refinery, BUA Pasta, BUA Ports and Terminals, and BUA Estates, among other agribusiness holdings.
Casting his mind back to when the group made its initial foray into business in 1988, Rabiu, who has always played the leading role in taking BUA from strength-to-strength recalls how different trading was at that time.
“It was very difficult,” he says, “because access to funding and foreign exchange were both very challenging. However, it was also quite lucrative as not many companies were able to compete. Our participation at the time therefore assisted us in starting our manufacturing concerns.”
He says the first of these business initiatives was to set up a flour plant in Lagos, driven by huge demand for flour.
“At the moment, we have the flour mills, the pasta plants, a sugar refinery in Lagos and the one that is soon-to-be-commissioned in Port Harcourt, the vegetable oil processing mills and the cement projects,” Rabiu says.
“We are working toward commissioning our three million metric tons per annum cement plant before the end of this month,” he discloses.
He further says he believes BUA Group will be one of the top-five companies in Nigeria within the next few years.
Rabiu recognises the work being undertaken by government to reduce the challenges of doing business in Nigeria and welcomes the decision to involve the private sector in ensuring that all legal and regulatory frameworks are in place.
He emphasises how various ministries are spending huge sums of money on key infrastructure to attract fresh foreign investment, but is cautious that despite the progress that has been made, energy issues remain a drain on growth.
“We are certain that the current government will focus on resolving issues in the power sector to boost the real sector of the Nigerian economy,” he says. “It won’t be easy, but it is going to work this time. Once we solve our power issue, Nigeria will fly,” he says.
“Nigeria is the most populous country in Africa with around 170 million people. That means a lot of opportunities with adequate resources and a huge market. We keep talking about oil, but we have other resources that could definitely contribute more to the growth of the Nigerian economy.”
Rabiu points to the cement industry as a prime example. “We have always had a lot of limestone reserves in the country, but look at how much the industry has grown now that people are investing in that sector. Nigeria is a challenging environment but the returns are high,” he says.
“A good idea will always be a good idea, no matter where you are. There are so many indigenous and foreign companies operating here in Nigeria and a number of them are highly successful,” he adds.
Being Nigerian-owned and very proud of its indigenous roots, BUA Group is keenly aware of its corporate social responsibility and frequently gives back to its host communities through donations, sponsorships, various initiatives as well as projects related to sports and health- care through the BUA Foundation.
“At BUA, we have a passion for what we do. We are not only helping to grow the Nigerian economy but also touching lives,” Rabiu explains. “I think what is really important is to do things right, to work hard for your company and for the people around you.”
ODINAKA ANUDU