Nigerian billionaire Abdul Samad Rabiu says Africa must cut reliance on food imports
Rabiu is the CEO of BUA Group, a conglomerate in meals processing, infrastructure, manufacturing and mining. His firm has made investments throughout the continent to chop its reliance on imports from Europe and Asia.
He spoke with CNN’s Eleni Giokos final month on the Africa CEO Discussion board in Abidjan, Ivory Coast.
Excessive inflation, meals insecurity, vitality costs: What are you going to do to resolve a few of these points?
So how is your enter being affected?
Rabiu: In case you import and the worth is double, what do you do? You need to improve the costs. And lots of people can’t actually afford that. So we’re seeing a lower when it comes to manufacturing, processing and consumption, and that could be a massive subject. That’s the reason I hold saying that we have now to look inwards, do as a lot as we will so as to add worth to what we have now. Now we have to extend (our) manufacturing for the meals safety of the continent.
You’ve got been within the pasta enterprise, for instance. Why have not you already gotten into farming? I do know wheat is tough to develop.
Rabiu: The free commerce space is a tremendous association. All of us want to come back collectively to take pleasure in the advantages. In fact, we even have challenges so far as infrastructure is worried, and for the settlement to succeed, you’ll want to repair your infrastructure area, particularly in areas like ports.
You continue to discover that difficult?
Rabiu: I provide you with an instance: it is dearer to ship items from Nigeria to, say, Lomè (in Togo, West Africa) than from Nigeria to Brazil. And that is as a result of we have now the vessels with out the ports. So these points are there and we have to repair our infrastructure.
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