Nigeria’s Second-Richest Man Abdul Samad Rabiu Shares His Top 3 Rules For Success

Nigerian. Billionaire. Industrialist. These words are synonymous with Abdul Samad Rabiu. How else can you refer to the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate? For Rabiu, another “day in the office” means signing several major deals with major international companies or building a 300tn plasterboard mega factory to export raw materials.

On Thursday, Jan. 6, the CEO and Chairman of BUA Group reportedly added nearly $1.9 billion to his net worth. Rabius’s fortune, according to Billionaires Africa, stands at $7.2 billion, thanks to the valuation of BUA Foods after the shares jumped more than 10% from N40 ($0.0968) to N44 ($0.1065) as of press time, Jan. 6.

Many of us can learn from this real-life industrialist, whether we’re hoping to be resourceful entrepreneurs or employees. Let’s have a look at his top three (3) principles of success:

Remain focused

We’ve all been in situations where we’re simply unable to pay attention. We give our very best, but sometimes it can be tough to stop the mind from wandering off. According to Rabiu, the ability to focus can make or break your success in life. “If you are doing something, don’t think about how much money you are making or how much money you’re going to make. The important thing is once you’re doing something, make sure you’re focused. Once you start building something, make sure that you finish it.”

The private sector can help with job creation and reduce poverty

Rabiu believes Africa’s private sector can help create employment opportunities and reduce poverty on the continent. In his interview with CNBC Africa, Rabiu explained that the private sector is crucial to lifting millions of people out of poverty, and Africa needs to replicate this strategy. Since the start of the economic reform, China has pulled out over 800 million people out of poverty. India is also doing the same thing. Between 2006 and 2016, India has pulled out over 250 million people out of poverty, and today the country has got only maybe 28% of its population as poor people. So we need to do a lot more and one way of doing that, I believe, is to encourage agriculture. We need to encourage more people to become farmers.

Choosing the right business location is key

When starting a project, it is critical to scout for all possibilities and determine the closeness to market and raw materials included in your critical analysis. According to Rabiu, the decision to build a 200,000-b/d grassroots integrated refining and petrochemical plant in the Ibeno local government area was because of feedstock availability. According to him, if you have your project next to your feedstock, it is much easier, meaning that you do not have to transport your raw materials or feedstock to the project area. So we decided on that location because it is much easier for, the feedstock is readily available, and it is a location where we have a lake jetty, meaning we can bring in products and exports from that location. Otherwise, we would have to build bigger storage facilities which would run into enormous expenses for our business.

Source:- Businessinsider

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