The BUA Group has reaffirmed its commitment to supporting the federal government’s ongoing efforts to stabilise food prices and reduce inflation across Nigeria. Chairman of the Group, Alhaji Abdulsamad Rabiu, made the pledge following a meeting with President Bola Tinubu in Abuja.
Commending the administration’s proactive policies, particularly the six-month duty waivers on essential food items, Rabiu noted that the measures had led to a substantial drop in the prices of key commodities such as rice, maize, and flour.
“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 said.
The BUA Group chairman attributed the previous surge in food prices to hoarding practices by large-scale buyers who purchase paddy rice in bulk during harvest periods and stockpile the grains to inflate prices once the season ends.
“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,” Rabiu stated.
In response, the Rice Millers Association, of which BUA is a key member, has resolved to take stronger steps to curb market manipulation. Rabiu said millers would be discouraged from hoarding, especially in the face of current stock levels from recent imports.
Also Read: Tinubu Welcomes Qatar’s Agricultural Investment in Nigeria
“With the volume of imported rice we have in stock, they know they can’t manipulate the market without consequences,” he warned.
In a further show of solidarity with national economic goals, Alhaji Rabiu disclosed that BUA and Dangote Group had reached an agreement to keep cement prices steady. He noted that there would be no imminent increase in the price of cement, particularly for contractors working on federal projects under the Renewed Hope Initiative.
The BUA Group’s assurance marks a significant boost to the federal government’s efforts to ease the burden of inflation and ensure food security for millions of Nigerians.
