From Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari has assured entrepreneurs and the business community that their investments will continue to receive full support from his administration, noting that the massive growth experienced by conglomerates such as BUA Group is evidence of the correctness of government policies.
A statement by Special Adviser to the President on Media and Publicity, Femi Adesina, said Buhari, who received the Management of BUA Group, led by Chairman Abdul Samad Rabiu, at the State House, stated that the government’s focus on import substitution to encourage local production and export stimulates growth and stability, and he urged investors to take advantage of the vision.
He commended the Chairman of BUA Group for concentrating investments in the country, and transiting from trade to manufacturing. He remarked: “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.”
The President stressed that the focus of his administration is still on job creation and economic security. He extolled the Chairman of BUA for his resilience, steadfastness, and patriotism, affirming that the government would continue to encourage small businesses to grow.
In his remarks, Alhaji Rabiu said the BUA Group is very mindful of where it was at the advent of the Buhari administration, and the giant strides it has taken today. He counted the blessings of the Group to include: 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.