Nigerian billionaire Abdul Samad Rabiu meets Senegalese president to discuss pan-Africaneconomic ties

Nigerian businessman and billionaire industrialist Abdul Samad Rabiu met with Senegalese President Macky Sall in Dakar, the capital of Senegal, to discuss efforts to strengthen further business and economic ties in Africa, particularly in light of soaring energy and food prices.

Rabiu, who was hosted by Macky at the Presidential Palace in Dakar to discuss key economic issues that will drive Africa’s growth at all levels, believes that Africa needs to look inwards, add value to the commodities it has, and increase production to ensure food security across the continent.

The news follows proactive actions by African businessmen who are undertaking initiatives, strategies, and partnerships that can generate sustained growth in Africa, while strengthening business and economic relations with governments and organizations across the continent.

Rabiu, the founder and CEO of BUA Group, one of Africa’s fastest-growing conglomerates with interests in food production, manufacturing, and infrastructure, has been somewhat busy this year with plans for ensuring food security in Africa, as he continues to promote cross-border trade to businesses throughout West Africa and other African countries.

BUA Foods, his unified food business company operating under the BUA Group umbrella, received the first of two shipping vessels to supplement its sugar export operations to West Africa nearly two months ago.

The delivery of the Mitsubishi-built vessel will be critical to the group’s strategic expansion plan, as the new vessel will improve the group’s ability to deliver more refined sugar quickly and sustainably in the face of growing export demand from across the African region.

The increased export capacity will reduce operating costs while diversifying BUA Group’s revenue and earnings capacity. According to management, BUA Food’s export of refined sugar to other African countries will benefit the economy by providing alternative foreign exchange earnings.

BUA Group has emerged as one of Africa’s fastest-growing manufacturing conglomerates as a result of continuous investments in capacity-building projects and facilities.

In recent years, the group has experienced impressive growth across its core subsidiaries, which can be attributed to effective cost-cutting strategies implemented by management, as well as the acquisition of cutting-edge facilities and equipment to reduce operating costs.

BUA Cement, a leading cement manufacturing company within BUA Group, reported a 48.2-percent increase in profit in the first quarter of 2022, to N33.14 billion ($79.74 million).

The double-digit percent increase in earnings was driven by a 58.5-percent increase in revenue from N61.2 billion ($147.26 million) to N97 billion ($233.41 million), which followed the launch of a 3-million-metric-tonne cement plant, increasing the company’s production capacity to 17 million metric tonnes.

On the flip side, BUA Foods, Rabiu’s food business, earned N22.84 billion ($55 million) in the first quarter of 2022 thanks to a 28.3-percent increase in revenue during the period under review.