Abdul Samad Rabiu, Founder / Executive Chairman of BUA Group, called for a three-way partnership between the African private sector, government and financial institutions to accelerate growth and development in Nigeria and Africa. According to Rabiu, president of the France Nigeria Business Council, this partnership will help identify sustainable solutions to infrastructure, climate and industrialization problems.
Speaking at the Nigeria International Partnership Forum in Paris, France, Abdul Samad Rabiu noted that despite the challenges posed by the global pandemic, African governments must work with the private sector at all levels to develop sustainable policies that will help investment and innovation as financial institutions need to evolve over time and come up with more innovative approaches to support the continent’s growth.
According to Abdul Samad Rabiu, the Nigeria Partnership Forum is timely and a welcome development, especially for Nigeria and the rest of Africa, in the face of growing global economic uncertainty and challenges brought on by the latest global pandemic.
“Many opportunities for global partnerships exist in Nigeria and Africa. The infrastructure space is at the heart of it all. By increasing our investments in infrastructure, creating access across borders, encouraging the free flow of goods and services under the AfCFTA, and opening up the continent, supply chains are expected to become more efficient, trade will be strengthened, new industries and base industries will emerge while intra-African integration is strengthened. All of this will ensure that Nigerians and Africans will be better off. “
“We also need to see more three-way partnerships between the African private sector, governments and development finance institutions to accelerate growth. I believe the conversations in this important forum will address this topic while questioning our approach to the future of Nigeria and the African continent. We can all agree that there are challenges, but while they may seem numerous, we cannot give up or choose to remain submissive in our drive to accelerate development and innovation.
“Our financial institutions must evolve with the times and offer more innovative approaches to support growth on the continent. Governments, for their part, must work at all levels to develop sustainable policies that will foster investment and innovation. As investors, we must be prepared to share our expertise and experiences with regulators, financial institutions and governments. This will ensure that we can easily replicate what works and improve what does not. We must identify quick and long-term solutions to the problems of poverty, economic stability, climate and industrialization and work together to ensure that future generations can compete effectively in the global world order. It is our responsibility.
Finally, Rabiu pledged the support of the France Nigeria Business Council to support the two countries’ quest to increase the flow of investments, goods, services, skills and partnerships.