BUA Chief Abdul Samad Rabiu Identifies What To Do To Fast-Track Africa’s Growth
Abdul Samad Rabiu, Founder/Executive Chairman of BUA Group has called for a three-way partnership between the African private sector, government and finance institutions to fast-track growth and development in Nigeria, and in Africa.
According to Rabiu, who is the President of the France Nigeria Business Council, this partnership will identify sustainable solutions to the issues of infrastructure, climate and industrialization.
Speaking at the Nigeria International Partnership Forum in Paris, France, Abdul Samad Rabiu noted that despite the challenges occasioned by the global pandemic, African governments must work with the private sector across board to develop sustainable policies that will aid investments and innovation while financial institutions must move with the times and come up with more innovative approaches to support growth in the continent.
According to Abdul Samad Rabiu, the Nigeria Partnership Forum is timely and a welcome development – especially for Nigeria and the rest of Africa, in the face of increasing global economic uncertainty and challenges brought about by the latest global pandemic.
“Numerous opportunities for global partnerships exist across Nigeria and Africa. Key amongst this is in the infrastructure space. By increasing our investments in infrastructure, creating access between borders, encouraging the free movement of goods and services under the AfCFTA, and opening up the continent, it is expected that supply chains will become more efficient, trade would be bolstered, new industries and industrial bases will emerge while intra-African integration would be enhanced. All of these will ensure that Nigerians and Africans will be better off.”
“We also need to see more three-way partnerships between the African private sector, Governments and Development Finance institutions to fast-track growth. I believe conversations in this important forum will touch on this topic while also challenging our approach towards the future of Nigeria and the African continent. We can all agree that there are challenges but while they may appear numerous, we cannot give up or choose to remain docile in our bid to accelerate development and innovation.
“Our financial institutions must move with the times and come up with more innovative approaches to supporting growth on the continent. Governments, on their own part, must work across board to develop sustainable policies that will aid investments and innovation. As investors, we must be willing to share expertise and our experiences with regulators, finance institutions and governments. This will ensure that we can easily replicate what is working and improve upon what is not working. We need to identify quick wins and long-term solutions to the issues of poverty, economic stability, climate, and industrialization and work together in ensuring that future generations can compete effectively in the global world order. That is our responsibility.
Finally, Rabiu pledged the support of the France Nigeria Business Council to supporting both countries’ quest to increase the flow of investments, goods, services, skills, and partnerships.
