The President, Major General Muhammadu Buhari (retd.), on Friday, said the success of indigenous businesses such as BUA Group lends credence to the Federal Government’s economic policies over the past seven years.
He also said the government remains ready, willing and able to support all well-meaning Nigerian entrepreneurs whose investments align with the regime’s import substitution and domestic job creation policies and programs.
According to a statement signed by his Special Adviser on Media and Publicity, Femi Adesina, President Buhari said this when he received the Management of BUA Group at the State House led by the Chairman, Abdul Samad Rabiu.
The statement is titled ‘Growth of private conglomerates like BUA Group evidence of the correctness of our policies, says President Buhari.’
He urged investors to take advantage of the government’s focus on import substitution to encourage local production and export.
This was as he assured entrepreneurs and the business community, that investments that align with the priorities of the government in value and job creation, will continue receiving the full support of the regime.
“Let me assure you and the entire business community that this Government remains ready, willing and able to support all well-meaning Nigerian entrepreneurs whose investments align with our import substitution and domestic job creation policies and programs,’’ he said
President Buhari commended the Chairman of BUA Group for concentrating investments in the country, and transiting from trade to manufacturing.
“I am impressed and proud of the transformation BUA has made from trading concern to a manufacturing conglomerate. A key pillar of our administration’s policy thrust is import substitution especially when it comes to essential items such as food, household consumables and shelter.
“A nation of our size and with our natural and human resources is exhibiting its weakness if it continues importing essential commodities. For every grain of rice, wheat or maize we import, we destroy the livelihoods of our local farmers while creating jobs abroad. It is because of this that seven years ago, our government introduced numerous laws, executive orders and incentives that support businesses with import substitution projects.
“Today, through the BUA story, it is clear that we are on track! The company has continued to invest in domestic production and processing leveraging our local raw materials and youthful talent,” the President said.
Buhari noted that the successes recorded by entrepreneurs and the business community, like BUA, were “clear testaments to the correctness of our programs and policies.’’
“We have also seen similar successes especially in the food and agri-input value chain,’’ he said.
In his remarks, Rabiu said the BUA Group is mindful of where it was at the advent of the Buhari regime, and the giant strides it has taken today.
He enumerated the Group’s successes which include the creation of three new cement factories of 7.5 million metric tonnes capacity in Edo and Sokoto States to the already existing plants, a new 750,000 metric tonnes sugar refinery in Port Harcourt, Rivers State, a 20,000 hectares fully integrated sugar plantation in Kwara State with a sugar mill refinery and ethanol plant, four flour and pasta factories, a 200,000 barrels per day refinery with a petrochemical plant, among others.
“We have continued to build and invest extensively in Nigeria and all these new projects were made possible because of the immense opportunities your government has created in ensuring industrialisation and self-sufficiency by supporting serious businesses across many industries to fully harness our locally available resources and potentials.
“Your Excellency, I must say that you have done so much and tried in creating an enabling environment for businesses across Nigeria going by the strides we-and many others-have made. The results can, and will speak for themselves long after you have left office. We know where we were in 2015 when you came in.”