BUA Group Chairman, Abdul Samad Rabiu, has promised to further reduce the prices of rice and other food items in Nigeria, saying they’ve already come down compared to last year, Channels TV reported....CLICK HERE TO CONTINUE READING.>>
Speaking to reporters after meeting President Bola Tinubu on Thursday, Rabiu praised the President for waiving import duties on food items a move he believes helped drive down food costs across the country.
Thank you for reading this post, don't forget to subscribe!Back in July 2024, the Tinubu administration announced it was suspending customs duties on imported food to tackle food inflation. Rabiu said BUA Foods made the most of this policy by importing large quantities of wheat, maize, and rice.
He explained, “This time last year, food prices were through the roof. Rice was selling at about N100,000 for a 50kg bag, flour around B80,000, maize N60,000, and pasta over N20,000 per carton. Once we started receiving shipments, we immediately began processing them, which helped slash prices.”
According to Rabiu, rice now sells for around N60,000 and flour has dropped to N55,000 per 50kg bag.
He noted, “When rice hit N100,000, everyone was talking about it. But now that prices are dropping, nobody is really saying anything. But I’m here to tell you, food prices are going down, and we’ll keep pushing them down even more.”
Rabiu emphasized that BUA Foods is fully behind the government’s efforts to make food more affordable for Nigerians.
