Your excellencies, honorable ministers, my brother, Mr. President, distinguished guests, ladies and gentlemen, I would like to begin by commending the AFC and its leadership for convening this important forum and for the consistent role the institution has played in advancing Africa's industrial, mining, and real sector development. This forum provides a timely platform to reflect on how Africa can better harness its natural resources to drive sustainable development, economic growth, industrialization, and long-term value addition. I'm grateful for the opportunity to share my perspective, drawing from BUA's experience in mining and industrial development as well as broader observations across the continent. AFC's leadership in this space, reinforced by its recent S&P global rating with a positive outlook, underscores the importance of strong institutions in mobilizing long-term capital and shaping Africa's development trajectory. It is within this context that I would like to share my insights on how Africa can move decisively from being a continent defined by potential to one defined by productivity, value addition, and shared prosperity.
BUA's journey into mining began over 16 years ago at a time when Nigeria was heavily dependent on imported cement. At that time, BUA was one of those importers. The reality was simple but difficult because it was a difficult decision. We were constantly chasing foreign exchange to import cement and quite frankly, we were spending more time chasing FX than actually selling cement. It was so difficult to get FX at the time. We were paying in dollars, exposed to foreign exchange volatility, and dealing with supply uncertainties, all for a product that Nigeria had the natural resources to produce locally. This situation prompted a simple question: Why should a country endowed with vast indigenous limestone deposits be importing cement? The issue was not the availability of limestone. It was whether there was sufficient conviction to stop importing and start producing locally. BUA therefore made a strategic decision to invest in cement production anchored on Nigeria's abundant limestone resources. It was not an easy decision. Mining and cement production are long-term capital-intensive ventures requiring patient capital, technical expertise, and policy stability.
Today, BUA is mining and processing about 40,000 tons of limestone daily. And when we say 40,000 tons, I sometimes remind my team and myself this is not a rounding error. It is hard rock every single day, and in the process, producing about 1 million tons of cement every month. As a result, Nigeria has transitioned from being a cement importer to a net exporter, saving the country billions of dollars in foreign exchange annually. This experience demonstrates a clear reality: when Africa processes its own resources, industrial transformation follows. It is important though to emphasize that this transformation would not have been possible without the support of DFIs, particularly the Africa Finance Corporation. Mining and heavy industry are long-term and capital-intensive by nature. They require financing partners who understand long gestation periods and are willing to deploy patient capital aligned with development outcomes. AFC has played this role effectively. Thank you, Sam. The institution has supported BUA's cement and other industrial operations with over $400 million, providing long-term financing that enabled scale, confidence, and sustainability. Let me add though that a substantial part of this facility has already been repaid. Evidence that when DFIs support viable, well-structured African industrial projects, the capital is not only developmental but also bankable and recyclable. My brother Samaila is already chasing me to come and take more money, and we are actually working on some important projects. I'm confident that when we are ready, we just write a check, Mr. President. So this highlights something really important: that when DFIs support the right projects with the right partners, the impact is sustainable and long-lasting. This model of financing is precisely what we need in Africa to unlock its industrial potential.
Africa is one of the most resource-rich continents in the world. We all know that. Yet the majority of its mineral wealth is exported in raw or minimally processed form. Key examples: gold, 65 to 85 percent is exported raw; PGM, platinum group metals, over 70 percent exported without beneficiation; cobalt, DRC actually supplies over 70 percent of the world's cobalt, yet roughly 90 percent of that is exported raw; copper, 75 percent exported as concentrate from Zambia and the DRC; iron ore, roughly 80 percent exported raw, while Africa imports steel products. In fact, Nigeria spends almost three to four billion dollars annually importing steel products, and Nigeria sits on over 4 billion tons of iron ore, yet we import almost all the steel that we need. The same thing with diamonds, 65 percent exported and cut, forfeiting downstream value. The result is a structural paradox. Africa exports raw materials and imports finished products, often made from those same resources we exported. So Africa does not lack resources. Africa lacks processing, industrial capacity, and strategic execution at scale. And although I know today's focus is mining, I must also add that the same structural issue is evident in agriculture. For instance, four African countries, Côte d'Ivoire, Ghana, Nigeria, Peru, produce 75 percent of the world's cocoa. Yet the global chocolate industry is valued at over $200 billion, and Africa captures only about 15 percent of that value. Africa exports cocoa beans and imports finished chocolate, often at prices our fathers could never afford. That just does not make sense. More broadly, Africa possesses about 60 percent of the world's arable land, yet continues to import billions of dollars worth of food annually. This is why I often observe that when everyone sometimes says that Africa is a continent of immense potential, if potential were edible, we'd probably be the most fed people in the world, but we know we are not. So we need to do more. What converts potential into prosperity is deliberate policy, long-term capital, and disciplined execution.
Therefore, to fully harness Africa's resources, coordinated action is required. DFIs must continue to scale long-term financing targeted at local processing and beneficiation, industrial value chains, infrastructure that supports industrial ecosystems. Supporting extraction alone is insufficient. The greatest development impact occurs after extraction, when value is added locally. Industrialization does not occur by accident, and if it did, Africa would have industrialized by now. So governments must adopt deliberate policies that incentivize local processing, gradually discourage raw exports where capacity exists, invest in power, transport, and industrial infrastructure. Countries that industrialized did so by design, not by chance. So Africa must intentionally transition from being a supplier of raw materials to being a producer of value-added goods across mining, cement, cocoa, and food systems. The opportunity in Africa is immense. From limestone to cobalt, from cocoa to arable land, the continent possesses the resources the world needs. What is required is alignment between private enterprise, DFIs such as AFC, and forward-looking governments. BUA's experience demonstrates that when vision is matched with patient capital, probably maybe brave capital—I've heard that word for the first time, which means risky, right? I think so—when it's matched with that and supportive policy, transformation is achievable. Therefore, the challenge before us is very clear: Africa must move from extraction to transformation, from potential to productivity, and from resource wealth to shared prosperity. Thank you so much.
