Nigeria’s industrial expansion drive received a boost as billionaire industrialist Abdul Samad Rabiu and banker Tony Elumelu strengthened ties to support large-scale manufacturing, as BUA Foods posted a record N1.77 trillion in revenue for 2025.

The meeting, held in Lagos, brought together BUA Group and United Bank for Africa executives to expand financing frameworks for domestic production and export-led industries.

Why it matters

The renewed collaboration reflects a broader shift in Nigeria’s economy, where local conglomerates and financial institutions are increasingly driving growth through long-term investment in manufacturing and infrastructure.

Analysts say access to capital remains one of the biggest constraints for industrial expansion in Nigeria, particularly for large-scale projects in food production, cement, and logistics.

By strengthening partnerships between lenders and manufacturers, industry players hope to unlock growth across value chains and reduce reliance on imports.

Rabiu, Elumelu signal long-term alignment

Speaking during the meeting, BUA Group Chairman Abdul Samad Rabiu highlighted the depth of the relationship.

“Enduring partnerships are not built on transactions, but on conviction,” Rabiu said.

“What we have built with UBA and the Nigerian financial industry over the years is a shared understanding of where Nigeria is going and what it will take to get there.”

Tony Elumelu, Chairman of United Bank for Africa, framed the partnership as part of a wider vision for African-led growth.

“Institutions like BUA Group demonstrate what is possible when long-term capital meets disciplined execution,” Elumelu said.

“Our role is to continue enabling that scale, supporting enterprises that are not only growing, but reshaping the Nigerian economy.”

BUA Foods posts record growth

In a parallel development, BUA Foods reported strong financial results for the year ending December 31, 2025.

Revenue rose to N1.77 trillion, a 16% increase from N1.53 trillion in 2024, driven by demand for staples such as sugar, flour, pasta, and rice.

Profit after tax jumped by 95% to N518.4 billion, while gross profit climbed to N737.26 billion.

The company also proposed a dividend of N28 per share—more than double the previous year—bringing total payouts to N504 billion, pending shareholder approval.

What executives are saying

Rabiu said the results reflect disciplined expansion and long-term planning.

“Our 2025 performance reflects a business that is not only growing, but scaling with discipline,” he said.

“We are building capacity, deepening local production, and delivering consistent value to shareholders.”

Managing Director Engr. Ayodele Abioye added that demand remains strong.

“Our strategy remains to expand capacity, strengthen market presence, and optimise the full supply chain,” Abioye said.

“The demand signals are strong, and we are well positioned to sustain this momentum.”

Industry perspective

Economists say the results highlight the growing role of indigenous companies in shaping Nigeria’s economic trajectory.

With rising population demand and government policies favouring local production, companies like BUA Foods are increasingly seen as critical to food security and job creation.

However, challenges such as inflation, energy costs, and foreign exchange volatility continue to affect the sector.

What’s next

The strengthened partnership between BUA Group and UBA is expected to drive new financing models for large-scale projects, particularly in food production, infrastructure, and export-oriented industries.

Observers say sustained collaboration between banks and manufacturers could determine how quickly Nigeria achieves industrial self-sufficiency.

Dangote Cement Plc has recorded significant efficiency gains at its Gboko plant in Benue State after installing advanced air compressor systems supplied by JMG Limited.

The upgrade, powered by technology from Kaeser Compressors, has improved airflow efficiency and production stability at the facility.

What changed at the Gboko plant

Following a system audit and airflow analysis, JMG Industrial installed eight high-performance rotary lobe blower units designed for continuous heavy-duty operations.

The new configuration increased airflow efficiency by about 23%, with peak capacity rising by nearly 47% compared to the previous system.

These improvements are expected to enhance operational reliability while reducing energy consumption—key concerns for large-scale manufacturers.

Why it matters

Compressed air systems are essential in cement production and other industrial processes.

Efficiency gains in these systems can directly affect production output, operational costs, and environmental impact.

For Nigeria’s manufacturing sector, where energy costs remain high, such upgrades could help companies remain competitive and sustainable.

Industry perspective

Demand for energy-efficient industrial equipment is rising as manufacturers seek to optimise operations and reduce downtime.

Experts say partnerships between global technology providers and local engineering firms are becoming increasingly important in delivering reliable industrial solutions.

What Dangote Cement says

Mr Natu David, an engineer at the Gboko plant, said the upgrade had already delivered measurable improvements.

“The performance improvement we achieved with the new Kaeser blower system has significantly enhanced airflow stability across our production lines. We have seen measurable gains in efficiency and reliability.”

“JMG Industrial demonstrated strong engineering capability from system evaluation through full commissioning.”

JMG Industrial’s role

JMG Industrial, a division of JMG Limited, handled the installation and commissioning of the system.

The company specialises in engineered air compressor solutions, including installation, system optimisation, and long-term maintenance support.

As the authorised dealer of Kaeser compressors in Nigeria, it provides access to global technology backed by local technical expertise.

Bigger picture: Manufacturing and energy efficiency

Dangote Industries Limited operates across multiple sectors, with cement production forming a key part of its business.

With a production capacity of 52 million tonnes per year across 10 African countries, Dangote Cement remains the largest cement producer in Sub-Saharan Africa.

Upgrades like the Gboko installation reflect a broader push within the industry to adopt smarter, more efficient systems.

What’s next

JMG Industrial says it will continue delivering turnkey compressor projects and maintenance services for industrial clients across Nigeria.

As demand grows, more manufacturers are expected to invest in similar upgrades to improve productivity and manage rising operational costs.

The Managing Director of Guaranty Trust Bank (GTBank), Miriam Olusanya, has said leadership, technology, and inclusion will define the future of finance in Nigeria and across Africa.

She made the remarks while delivering a keynote address at the 2026 marquee event of the Association of Professional Women Bankers, themed “Disrupting Finance: Women Driving Innovation, Inclusion & Scale.”

Olusanya said while digital tools are transforming banking, the real driver of sustainable progress will be the quality of leadership guiding those innovations.

“The future of finance will not be defined by technology alone, but by the quality of leadership guiding that technology,” she said.

She added that leadership must balance growth with discipline, build trust, and adopt long-term thinking in an increasingly short-term world.

Why it matters

Africa’s financial sector is undergoing rapid change, driven by fintech growth, mobile banking, and increased digital adoption.

However, experts say gaps in trust, access, and governance still limit how far innovation can go.

Olusanya argued that technology must serve a clear purpose—expanding access, simplifying banking, and helping institutions operate at scale.

“Technology must expand access, simplify engagement, and enable institutions to serve customers more efficiently,” she said.

Inclusion as a growth strategy

Olusanya highlighted financial inclusion as a key pillar of growth rather than just a social goal.

She stressed that women, in particular, play a critical role in expanding financial systems.

“When a woman gains access to finance, household income stability improves… and entire communities become more resilient,” she said.

She warned that ignoring underserved groups represents a missed economic opportunity for banks and policymakers.

Strength of institutions and trust

Beyond innovation, Olusanya pointed to the importance of strong financial institutions.

She said scale and long-term impact depend on governance, operational discipline, and credibility.

“Financial systems are built on trust, and trust cannot be improvised. It must be earned, reinforced, and protected over time,” she added.

Barriers facing women in finance

Despite progress, Olusanya acknowledged persistent barriers limiting women’s impact in finance and fintech.

These include cultural restrictions, limited access to digital tools, and underrepresentation in leadership and decision-making roles.

“If we are serious about disruption, we must be serious about dismantling these barriers,” she said.

She called for more women in leadership, investment committees, and policy-making positions, noting that representation influences who benefits from innovation.

Industry perspective

Analysts say her remarks reflect a broader shift in African banking, where institutions are moving beyond profit-driven models toward inclusive growth strategies.

Financial experts also note that closing the digital gender gap could unlock billions in economic value across the continent.

What’s next

Industry observers expect banks to increasingly invest in:

Digital infrastructure and fintech partnerships

Women-focused financial products

Financial literacy and inclusion programmes

Governance and institutional strengthening

As Africa’s financial ecosystem evolves, stakeholders say the balance between innovation, trust, and inclusion will determine long-term success.