Nigerian Billionaire Abdul Samad Rabiu Announces Important Partnership to Boost Food Production
- One of the fastest-growing industrial enterprises in Africa is led by Nigerian billionaire Abdul Samad Rabiu
- The conglomerate has teamed up with a Turkish business to build and install equipment for processing and transporting wheat
- The new infrastructure would link BUA Ports to BUA Flour & Pasta Mills in Port Harcourt, bringing Nigeria one step closer to food self-sufficiency
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Under the leadership of Nigerian billionaire Abdul Samad Rabiu, one of Africa's fastest-growing industrial conglomerates, BUA Group, is making yet another audacious move to increase Nigeria's food supply.
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The conglomerate has partnered with Agrimac Makina Limited, a Turkish company, to construct and install wheat processing and conveying machinery capable of handling two million metric tonnes annually.
Nigeria would be one step closer to food self-sufficiency thanks to the new system, which will connect BUA Ports directly to BUA Flour & Pasta Mills in Port Harcourt, Rivers State. Additionally, Billionaire.Africa reported that it will strengthen Port Harcourt's position as a major hub for manufacturing and farming in the area.
The relationship was recently sealed in Dubai during a signing ceremony between Abdul Samad Rabiu and Okcul Barlik, CEO of Agrimac Makina. The deal demonstrates BUA's determination to invest in initiatives that will influence Africa's industrial future and construct top-notch infrastructure.
This action expands on a significant effort Rabiu recently oversaw. Additionally, BUA Group has established a cutting-edge palm oil refinery in Nigeria in collaboration with the Food & Water Division of Alfa Laval, a Swedish corporation. The facility, which can produce 1,000 tons of palm oil per day, is anticipated to increase domestic production and reduce the nation's reliance on imports.
However, Rabiu's goals extend beyond constructing factories. He is also advocating for more environmentally friendly industrial and agricultural methods with the palm oil refinery. His overarching objective is unmistakable: to increase employment opportunities for Nigerians, contribute value within the country, and spur growth in industries essential to its future.
A significant component of the BUA Group's activities, BUA Foods produces flour, pasta, rice, oil milling, and sugar refinement. Together, Abdul Samad Rabiu and his son, Isyaku Naziru Rabiu, hold a dominant 94.25% stake in the business. Isyaku owns 1.62%, or more than 291 million shares, while Abdul Samad owns 92.63%.
The strength of the company's expansion activities is demonstrated by its most recent financial results. Strong demand and astute pricing tactics helped BUA Foods more than quadruple its profit in 2024, rising from N112.1 billion ($72.9 million) in 2023 to N266 billion ($173 million).
AFC explains how Africa can improve food production
Legit.ng reported that Africa spends over $50 billion on food imports, indicating a core problem with the agriculture system in the continent and a heavy dependence on imports.
Chief Executive of the Africa Finance Corporation (AFC), Samaila Zubairu, called on presidents across the continent to unify efforts to address these issues.
Zubairu noted that the bulk of these imports include oils and staples like cereals and grains, all food items that can be grown within Africa.
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Source: Legit.ng
