Abdul Samad Rabiu, Chairman of BUA Group, has assured Nigerians that the price of rice will fall significantly in the coming months, sending a stern warning to commodity hoarders that they risk substantial losses.
Speaking to State House Correspondents after meeting with President Bola Ahmed Tinubu at the Presidential Villa in Abuja, Rabiu said the BUA Group is intensifying efforts to stabilize food prices and support the Federal Government’s economic initiatives.
Rabiu noted that hoarders who traditionally buy up large quantities of paddy rice during the harvest season to artificially inflate prices are now losing money, thanks to government intervention.
“Last year, rice was selling for about N100,000 per 50kg bag,” he recalled. “Now, due to import duty waivers on brown rice, maize, wheat, and sorghum, food prices are beginning to come down.”
He explained that while farmers continue to earn between N400,000 and N500,000 per tonne of paddy rice, speculators who used to hold the product until scarcity drives prices up to N800,000 per tonne are no longer seeing those returns. “Many of them are crying now,” Rabiu said. “They’re losing money, and this trend will continue.”
Read also:
- BUA refutes misleading reports on Akwa Ibom Refinery progress
- BUA cement chairman exposes cement price hike by dealers after price cut
- BUA Foods records N22.85 billion net profit
Rabiu also disclosed a collaborative effort with Aliko Dangote, Chairman of Dangote Group, to stabilize cement prices — particularly for contractors working on the Federal Government’s Renewed Hope Initiative.
“We have agreed that for any contractor or company involved in Renewed Hope projects, the price of cement will be frozen,” Rabiu stated. “There will be no price increase for the foreseeable future.”
He acknowledged that the soaring price of cement in Nigeria is driven primarily by the devaluation of the naira. “At N9,000 per bag, that’s around $120 per tonne, which is competitive globally,” he explained. “The real issue is that our production inputs — like gas, spares, and experts — are all dollar-denominated.”
Rabiu emphasized that BUA Group is committed to supporting President Tinubu’s economic agenda, saying: “We are doing a lot to support the current administration, and we are hopeful that Nigerians will start seeing the benefits very soon.”
