• Advertise
  • Contact us
Tuesday, January 31, 2023
Inside Reports
Advertisement
ADVERTISEMENT
  • Home
  • News
  • Politics
  • Entertainment
  • Sports
  • Business
  • Health
  • Data Report
  • Investigation & Features
  • BBN Update
No Result
View All Result
  • Home
  • News
  • Politics
  • Entertainment
  • Sports
  • Business
  • Health
  • Data Report
  • Investigation & Features
  • BBN Update
No Result
View All Result
Inside Reports
No Result
View All Result
Home News

Nigerian billionaire Abdul Samad Rabiu says Africa must cut reliance on food imports

August 19, 2022
in News
0
Nigerian billionaire Abdul Samad Rabiu says Africa must cut reliance on food imports
Share on FacebookShare on TwitterShare on LinkedInShare on Raddit


Even with a new deal that would allow grain exports from Ukrainian Black Sea ports, the impact of elevated prices could still be severe in Africa, which imports most of its food, and where the IMF forecasts inflation could reach as high as 12.2% this year.
Nigerian billionaire Abdul Samad Rabiu says it’s time for African countries to work together to create a food value chain across the continent, and produce more goods for domestic consumption.

Rabiu is the CEO of BUA Group, a conglomerate in food processing, infrastructure, manufacturing and mining. His company has made investments across the continent to cut its reliance on imports from Europe and Asia.

He spoke with CNN’s Eleni Giokos last month at the Africa CEO Forum in Abidjan, Ivory Coast.

High inflation, food insecurity, energy prices: What are you going to do to solve some of these issues?

Rabiu: Part of the problem is that we import 80% of what we consume. For example, Africa imported over 55 million tons of wheat last year, and wheat is one of the commodities that has really been hit hard in terms of high prices. Since the Ukrainian-Russian (conflict) started, we have seen a situation where the price (of wheat) got from $250 to almost $600 per ton. And you know Africa relies heavily on Russian and Ukrainian wheat.

So how is your input being affected?

Rabiu: If you import and the price is double, what do you do? You have to increase the prices. And a lot of people cannot really afford that. So we are seeing a decrease in terms of production, processing and consumption, and that is a big issue. That is why I keep saying that we have to look inwards, do as much as we can to add value to what we have. We have to increase (our) production for the food security of the continent.

You have been in the pasta business, for example. Why haven’t you already gotten into farming? I know wheat is difficult to grow.

Rabiu: Wheat is difficult to grow but we are also into sugar and we’re building the most advanced sugar plantation in Nigeria. It’s a 20,000-hectare, four-in-one, fully integrated sugar plantation with sugar mill, sugar refinery, ethanol and power plant. We decided to do that because we realized we were spending a lot of money to import raw sugar and that is something that could be easily planted and produced in Nigeria. Our inputs as far as raw sugar is concerned will come down drastically.
Now for the hard part, says Secretary General of African Continental Free Trade Area
The African Continental Free Trade Area went live (in 2021). Have you seen a real impact on your business?

Rabiu: The free trade area is an amazing arrangement. We all need to come together to enjoy the benefits. Of course, we also have challenges as far as infrastructure is concerned, and for the agreement to succeed, you need to fix your infrastructure space, especially in areas like ports.

You still find that challenging?

Rabiu: I give you an example: it’s more expensive to ship goods from Nigeria to, say, Lomè (in Togo, West Africa) than from Nigeria to Brazil. And that’s because we have the vessels without the ports. So those issues are there and we need to fix our infrastructure.



Source link

FREE SUBSCRIPTION

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

ShareTweetShareShare
Previous Post

Give Obi chance to fix economy, insecurity — LP

Next Post

Real Madrid’s black 2022-23 third kit inspired by the magic of the Bernabeu

Editor

Editor

RelatedNews

Rivers campaign director kidnapped, APC alleges police compromise
Politics

Rivers campaign director kidnapped, APC alleges police compromise

January 31, 2023
Guard your utterances, Catholic bishops warn candidates 
Politics

Guard your utterances, Catholic bishops warn candidates 

January 31, 2023
Selena Gomez responds to comments about her shaky hands
Foreign

Selena Gomez responds to comments about her shaky hands

January 31, 2023
10,000 abortions: NHRC sets up probe panel  
Politics

10,000 abortions: NHRC sets up probe panel  

January 31, 2023
Feminist rants as suitor suggests 50/50 split
News

Feminist rants as suitor suggests 50/50 split

January 31, 2023
US says Russia is violating key nuclear arms control agreement
Foreign

US says Russia is violating key nuclear arms control agreement

January 31, 2023
Next Post
Real Madrid’s black 2022-23 third kit inspired by the magic of the Bernabeu

Real Madrid's black 2022-23 third kit inspired by the magic of the Bernabeu

Manchester United fan group calls for ‘real investment’ amid Glazer sale talk

Manchester United fan group calls for 'real investment' amid Glazer sale talk

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Video: Controversial Cross Dresser, James Brown's Sex Tape Leaks

Video: Controversial Cross Dresser, James Brown’s Sex Tape Leaks

October 10, 2022
VIEWER DISCRETION: More Videos of Fed Uni Lafia Lecturer Striping and Beating Student Over Sugar Daddy

VIEWER DISCRETION: More Videos of Fed Uni Lafia Lecturer Striping and Beating Student Over Sugar Daddy

October 22, 2022
Wife of celebrity designer Seyi Vodi attacks alleged side chic, strips her naked (Video)

Wife of celebrity designer Seyi Vodi attacks alleged side chic, strips her naked (Video)

October 1, 2022
Update: Why Police Released Six Davido's Workers, Detained Two Arrested Over Ifeanyi's Death

Update: Why Police Released Six, Detained Two Davido’s Workers Arrested Over Ifeanyi’s Death

November 2, 2022
Video: Controversial Cross Dresser, James Brown's Sex Tape Leaks

Video: Controversial Cross Dresser, James Brown’s Sex Tape Leaks

1
Video: Lady weeps bitterly over alleged demise of Davido’s son, Ifeanyi

Video: Lady weeps bitterly over alleged demise of Davido’s son, Ifeanyi

1
Wizkid announces joint tour with Davido

Wizkid announces joint tour with Davido

1

NGX committed to building structures towards SMEs funding

0
Newcastle United vs. Southampton – Football Match Report – January 31, 2023

Newcastle United vs. Southampton – Football Match Report – January 31, 2023

January 31, 2023
Rivers campaign director kidnapped, APC alleges police compromise

Rivers campaign director kidnapped, APC alleges police compromise

January 31, 2023
BBTitans: Being paired with nonchalant partner led to my eviction – Sandra

BBTitans: Being paired with nonchalant partner led to my eviction – Sandra

January 31, 2023
Man United’s Christian Eriksen ruled out for three months with ankle injury

Man United’s Christian Eriksen ruled out for three months with ankle injury

January 31, 2023

Recent News

Newcastle United vs. Southampton – Football Match Report – January 31, 2023

Newcastle United vs. Southampton – Football Match Report – January 31, 2023

January 31, 2023
Rivers campaign director kidnapped, APC alleges police compromise

Rivers campaign director kidnapped, APC alleges police compromise

January 31, 2023
BBTitans: Being paired with nonchalant partner led to my eviction – Sandra

BBTitans: Being paired with nonchalant partner led to my eviction – Sandra

January 31, 2023
Man United’s Christian Eriksen ruled out for three months with ankle injury

Man United’s Christian Eriksen ruled out for three months with ankle injury

January 31, 2023
Inside Reports

Inside Reports is a Nigerian media outlet aiming to advance democracy through disseminating credible news. In the era of fake news and infodemic, Inside Reports is the online media outlet to go to in search of credible, verifiable and factual news.

Follow Us

Browse by Category

  • AFRICAN NEWS
  • Basketball
  • BBN Update
  • Business
  • Campus gist
  • Celebrity gossip
  • Climate & Environment
  • Crime
  • Crypto
  • Data Report
  • Education
  • English premier league
  • Entertainment
  • Featured
  • Football
  • Foreign
  • Gadget
  • Golf
  • Health
  • Investigation & Features
  • Jobs
  • Laliga
  • Mobile
  • Movies
  • Music
  • News
  • Opinion
  • Politics
  • Sports
  • Sure betting odds
  • Technology
  • Tennis
  • TRENDING VIDEO
  • Uncategorized
  • Video

Recent News

Newcastle United vs. Southampton – Football Match Report – January 31, 2023

Newcastle United vs. Southampton – Football Match Report – January 31, 2023

January 31, 2023
Rivers campaign director kidnapped, APC alleges police compromise

Rivers campaign director kidnapped, APC alleges police compromise

January 31, 2023
  • About us
  • Contact us
  • Privacy policy

© 2022 Inside Reports - All Rights Reserved .

No Result
View All Result
  • News
  • Politics
  • Business
  • Sports
    • Football
      • English premier league
      • Laliga
    • Basketball
    • Golf
    • Tennis
  • Politics
  • Education
  • Campus gist
  • Crime
  • Entertainment
    • BBN Update
    • Celebrity gossip
  • Music
  • Video
  • Health
  • Technology
    • Gadget
      • Mobile
  • Investigation & Features
  • Climate & Environment
  • Data Report
  • Jobs
  • Sure betting odds

© 2022 Inside Reports - All Rights Reserved .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist