From Extraction to Value Addition: Abdul Samad Rabiu’s Vision for Africa’s Industrial Revolution

 

​The narrative of Africa as a mere "resource basket" for the rest of the world is undergoing a seismic shift. At the Mining Indaba 2026 in South Africa, Abdul Samad Rabiu (CFR, CON), the Founder and Executive Chairman of BUA Group, delivered a compelling mandate for the continent’s future: it is time to stop selling raw materials and start building industrial giants.

​His address at the Africa Finance Corporation (AFC) forum serves as a blueprint for how African nations can reclaim their economic sovereignty through local processing and industrialization.

​The Paradox of Plenty: Why Raw Exports Are Holding Africa Back

​For decades, Africa has been defined by a structural paradox. The continent is home to the world’s largest reserves of cobalt, copper, iron ore, and gold, yet it captures only a fraction of the global value chain. Abdul Samad Rabiu pointed out that exporting raw minerals is essentially exporting jobs and wealth.

​"Africa does not lack resources," Rabiu stated. "What it lacks is processing capacity, industrial scale, and disciplined execution." By shipping out raw ores and importing finished goods, African economies remain vulnerable to global commodity price fluctuations and currency devaluations. The shift to value addition—the process of refining and manufacturing goods locally—is the only sustainable way to build a resilient economy.

​The BUA Group Case Study: From Importation to Exportation

​Rabiu’s call for action is backed by the real-world success of BUA Group. He shared a pivotal moment from sixteen years ago when BUA decided to stop importing cement and start producing it in Nigeria. At that time, Nigeria was a net importer of cement despite having vast limestone deposits.

​Today, BUA Group mines and processes approximately 40,000 tonnes of limestone daily, producing nearly one million tonnes of cement every month. This transition didn't just grow a company; it helped Nigeria become a net exporter of cement, saving the country billions of dollars in foreign exchange every year. This "conviction to produce locally" is the mindset Rabiu believes must be scaled across the continent.

​The Role of Patient Capital and DFIs

​Industrialization is not an overnight process; it requires massive capital and long-term vision. Rabiu emphasized that the "gestation period" for mining and heavy industry is long, and traditional commercial banking often falls short of the required support.

​He commended the Africa Finance Corporation (AFC) for its role in providing "patient capital." BUA’s industrial expansion was supported by over $400 million in financing from the AFC. Crucially, Rabiu noted that much of this has already been repaid, proving that well-structured African industrial projects are not just developmental—they are highly profitable and commercially viable.

​A Strategic Roadmap for the Future

​To move from "potential to prosperity," Rabiu called for a tripartite collaboration between:

1. ​Governments: To implement deliberate policies that incentivize local processing and invest in critical infrastructure like power and transport.
2. ​Development Finance Institutions (DFIs): To scale long-term financing specifically targeted at beneficiation (the treatment of raw materials).
3. ​The Private Sector: To move with disciplined execution and a commitment to local manufacturing.

​"Industrialization does not happen by accident," Rabiu concluded. "Countries that industrialized did so by design, not by chance."