By Admin
The BUA Group has affirmed the company’s commitment to supporting the Federal Government’s efforts in stabilising food costs across the country.
Chairman of the Group, Alhaji AbdusSamad Rabiu, gave the assurance after a meeting with President Bola Tinubu in Abuja.
He commended the government for its proactive measures in tackling food inflation, particularly through duty waivers that have enabled a sharp drop in food prices.
“We saw prices of rice hit N110,000 last year, maize at N60,000 and flour at N80,000. But thanks to the President’s six-month tariff waivers, we were able to import key commodities, process them, and crash the prices.
Today, rice is down to about N60,000, flour is N55,000, and maize is N30,000”, he noted.
Alhaji Rabiu attributed the earlier spike in food prices to hoarding practices by large buyers, who purchase rice paddy in bulk during harvest and withhold supply to inflate market prices.
“These hoarders would buy paddy at N400,000 per ton and hold it, driving prices up to N800,000 once the season ends. Our intervention disrupted that cycle, and now many hoarders are struggling to sell”, he said.
To prevent future manipulation, Rabiu revealed that the Rice Millers Association, of which BUA is a member, would be taking steps to curb hoarding. We are ensuring that Millers do not engage in buying and stockpiling paddy. With the volume of imported rice we have in stock, they know they can’t manipulate the market without consequences”, he cautioned.
The Chairman of BUA Group also said his company and that of Dangote had agreed to keep the price of cement steady, without any increase in the near future for contractors handling construction projects under the Renewed Hope Initiative.
