I don’t need to go to Abuja for FX, Abdul Samad Rabiu praises Tinubu on two years of presidency

Abdul Samad Rabiu chairman BUA Group

As Nigeria marks two years under the leadership of President Bola Tinubu, Abdul Samad Rabiu, chairman of BUA Group, has commended the administration’s bold economic reforms.

In a detailed statement on Thursday, Mr Rabiu shared his perspective on the impact of President Tinubu’s policies on businesses, infrastructure and the economy, drawing from his experience as an industrialist.

Rabiu described the removal of the fuel subsidy as one of the most important decisions made by the Tinubu administration. “Before that, Nigeria was selling PMS at 200 or 250 Naira per litre, which was about 25 or 30 cents. I doubt there was any country in the world where fuel was being sold at that price,” he said.

Citing his observations during a trip to Saudi Arabia, Rabiu noted, “When I converted the price to Naira, it was almost 1,500 Naira per litre. That was Saudi Arabia.” He also recalled a conversation with a Nigerien president who joked, “Thank you for the subsidy.” Rabiu explained that Nigeria was subsidising fuel for neighbouring countries, making the subsidy unsustainable.

He highlighted the immediate impact of the policy, saying, “Today, I understand that our fuel consumption has dropped by almost 40 to 50 percent. It is not because Nigerians are consuming less, but because neighbouring countries have stopped tapping into our subsidised fuel.”

Rabiu commended the boldness of the decision, stating, “On the first day he took office, he did what everyone knew had to be done but no one dared to do. He acted immediately. Many criticised him, but he did the right thing, and it saved the country.”

Rabiu described the unification of the foreign exchange market as another critical reform. “Before this, many of us in the business community spent most of our time chasing foreign exchange. I personally spent half of my time trying to get FX from the Central Bank of Nigeria,” he said.

He recalled the inefficiencies of the previous system, saying, “Every two weeks, we would go to Abuja to seek allocations. It was exhausting and inefficient.” However, under the new regime, Rabiu noted significant improvements. “Today, I have met the new CBN Governor, Mr Cardoso, only once in two years. The reason is simple: I do not need to go to Abuja now to get foreign exchange. The system is open. It is working.”

Rabiu also praised the stability and fairness introduced by the Tinubu administration. He shared an example of past political interference, saying, “We started a new business in Port Harcourt four or five years ago under BUA Foods… One day, we woke up to a letter stating that the concession had been revoked, the terminal shut down, and the lease agreement terminated. There was no prior warning, no issue, no conflict.”

Rabiu contrasted this with the current administration, stating, “Today, that kind of thing cannot happen. Nobody would dare take such an action under President Tinubu.”

Discussing infrastructure, Rabiu said, “Look at the Lagos-Calabar highway. Look at the Sokoto-Badagry road. Look at the Kwara projects we are executing under the tax credit scheme. Look at Kano-Kongolam. Look at the Okpella to Kogi State corridor. These projects are progressing because of the savings from subsidy removal and FX unification.”

He explained the importance of these projects for logistics and business growth, saying, “Transporting goods from Lagos to the North is very expensive due to bad roads. Now, the President is addressing this. With better infrastructure, logistics will improve, and businesses will grow.”

Rabiu acknowledged Tinubu’s tariff waiver on rice imports, noting, “The temporary waiver allowed rice to be brought in, and milled immediately. The hoarders were cut out. Prices began to drop. It was a short-term solution, but it worked.”

He also highlighted BUA Group’s ongoing investments in Nigeria, stating, “Since President Tinubu took office, BUA Group has invested over one billion dollars in the Nigerian economy. We are expanding our food business, doubling our flour and pasta facilities in Port Harcourt and building another in Lagos.”

Concluding his remarks, Rabiu said, “Nigeria has everything—population, arable land, resources, water, and now, strong leadership under President Tinubu. We believe in Nigeria because the fundamentals are now strong. My advice to all is to take a Bet on Nigeria. This is the place to be.”

Rabiu emphasised the importance of the administration’s reforms, declaring, “These are the foundations of growth. Nigeria is full of potential. With the right leadership, which we now have, there is no limit to what we can achieve.”