Chairman of BUA Group, Abdul Samad Rabiu, has pledged to further reduce the prices of rice and other food items, which have already decreased over the past year.
Rabiu lauded President Bola Tinubu for granting a waiver on imported food items, stressing that the president’s foresight helped slash food prices in the country.
“The prices of rice, flour, and maize have significantly dropped, with rice now selling at N60,000 per 50-kilogram bag, down from N110,000 last year.
“Flour is now N55,000 per 50-kilogram bag, and maize is N30,000, thanks to the policy and BUA’s imports,” he said.
Rabiu explained that hoarders had been buying large quantities of paddy rice during harvest seasons and holding it for months to sell at inflated prices.
The importation of rice by BUA Foods disrupted this practice, causing prices to drop and resulting in losses for hoarders.
The Rice Millers Association has come together to address the issue of hoarding, and Rabiu warned that the association will not allow any of its members to engage in such practices.
Rabiu said that the association will continue to work towards crashing rice prices further.