President Muhammadu Buhari has said his administration is willing and ready to support well-meaning Nigerian entrepreneurs whose investments align with the government import substitution and domestic job creation policies and programs.
According to a statement made available to newsmen on Friday by the Special Adviser to the President 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.
Buhari said his administration would continue to support Nigerian business community and enterpreneurs, adding that the huge growth experienced by conglomerates like BUA Group was evidence of the correctness of government policies.
He said that the government’s focus on import substitution to encourage local production and export stimulate growth and stability, urging investors to take advantage of the vision.
“Let me assure you and the entire business community that this Government remains ready, willing and able to support all well-meaning Nigerian entrepreneurs substitutionwhose investments align with our import and domestic job creation policies and programs,” he said
Buhari further commended the Chairman of BUA Group for concentrating investments in Nigeria while 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.
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“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,” the President said.
He stressed that the focus of the admiration stays on job creation and economic security, saying: “In the medium term our hope was to see Nigerian companies expand their production expertise and capacity to other African nations helping them to also achieve their food and economic security goals. In the long term, our desire is to create a peaceful and prosperous continent with its young and talented population feeding, clothing and housing themselves.
“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.
“It is always heartwarming to see and learn of Nigerian companies doing so much within Nigeria. Most of this phenomenal growth was achieved during this administration.”
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.
President Buhari extolled Rabiu for his resilience, steadfastness, and patriotism, affirming that the government would continue to encourage small businesses to grow.
Buhari equally applauded the business tycoon for his philanthropy.
On his part, Rabiu said the BUA Group was very mindful of where it was at the advent of the Buhari administration, and the giant strides it has taken today.
He averred that the Group has expanded with 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 4-in-1 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.
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