Govt., private sector, financial institutions can fastrack Africa’s growth – BUA chief
Abdul Samad Rabiu, founder and executive chairman of BUA Group, one of Africa’s largest food, manufacturing and infrastructure conglomerates, has called for a three-way partnership between the African private sector, government and finance institutions to fast-track growth and enhance development in Nigeria, and Africa at large.
Rabiu, who also doubles as the president of the France Nigeria Business Council, emphasised that the partnership will identify sustainable solutions to the issues bothering infrastructure, climate and industrialisation across the world’s second largest and populated continent.
Speaking at the recent Nigeria International Partnership Forum held in Paris, France, Rabiu posited 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 support investments and innovation.
He challenged financial institutions to ‘move with the times’ and come up with more innovative approaches to aid growth in the continent. He also enjoined investors to willingly share expertise and experiences with regulators, finance institutions and governments.
This, he noted,will ensure that they 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 industrialisation and work together in ensuring that future generations can compete effectively in the global world order. That is our responsibility,” he said.
According to the BUA chairman, numerous opportunities for global partnerships exist across Nigeria and Africa, especially in the infrastructure space.
He noted that by increasing investments in infrastructure, creating access between borders, encouraging free movement of goods and services under the African Continental Free Trade Agreement (AfCFTA), and opening up the continent, supply chains will become more efficient, trade would be bolstered, new industries and industrial bases will emerge while intra-African integration would be enhanced.
Rabiu stressed that the Nigeria International 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.
“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,” he added.
He pledged the support of the France Nigeria Business Council to support both countries’ (France and Nigeria) quest to increase the flow of investments, goods, services, skills, and partnerships.