FG can save $3bn from steel industry if – Rabiu

The Executive Chairman/CEO of BUA Group, Abdulsamad Rabiu, has said if government can replicate its policies in the cement and sugar industries in the steel industry, it will save about $3 billion annually.

Speaking at the opening plenary of the Africa CEO Forum in Abidjan, Cote d’Ivoire on Monday, Rabiu who recalled that 15 years ago Nigeria was faced with a nightmare when it only produced four million tonnes of cement, said government’s reforms and BUA’s involvement in the cement industry had raised the stakes to over 40 million metric tonnes thereby saving the country over USD$4 billion annually.

Rabiu also bemoaned the continuous import of steel when the raw materials are readily available in the country.

The foremost industrialist thanked the organizers of the forum and harped on the need for governments in Africa and the private sector to form a synergy that would lead to the development and transformation of the continent.

While noting that collaboration is the bedrock on which more jobs can be created for Africans and human capital developed, Rabiu explained that though automation is efficient and saves time, there is need to also develop human capacity to man the ultra-modern machines.

According to Rabiu, “Nigeria now has the capacity for over 40 million tonnes of cement and we are saving the country over USD$4 billion and we are creating hundred thousands of jobs”.