Abdul-Samad Rabiu, Chairman and CEO of BUA Group, said it is cheaper to transport a container from China to Lagos than from Lagos to Kano, Daily Trust reported.

According to the report, Mr. Rabiu said this in Paris while commenting on the huge opportunities of the Nigerian transport system, especially the rail sector.

Mr. Rabiu said investing in transformation, especially the rail system, will unveil huge opportunities for the country and investors.

The BUA boss praised the Buhari administration’s investment in rail infrastructure across the country.

However, he urged global financiers and private investors to invest in the rail sector.

He said that with large arable land in Nigeria, there are opportunities in commercial agriculture as well as mining and manufacturing.

According to him, Nigeria relies on billions of tons of different mineral resources, including limestone for which his company is well known in the production of cement.

“Nigeria is based on 45 billion tonnes of limestone and currently all of the country’s cement plants together produce 30 million tonnes of cement per day.

“We are able to produce for local consumption and also for export.

“One of my factories in Sokoto exports cement to the Republic of Niger, which is about 120 km from the factory, as well as to Ouagadougou, Burkina Faso, about 400 km from Sokoto.

“Nigeria is one of twelve countries in the world with significant deposits of iron ore, gas and coal, but unfortunately the country imports steel.

“We spend $ 2.5 billion a year to import steel into Nigeria.

“With $ 2.5 billion, we should be able to build a factory capable of producing 1.5 to 2 million tonnes of steel per year.” (Agency report)

Update news