Abdul Samad Rabiu, Chairman of BUA Group, has announced bold steps to drive down rice prices in Nigeria, cautioning that speculators stockpiling the staple risk significant losses.
His remarks followed a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Thursday, where he outlined efforts to stabilize food costs amid inflationary pressures.
“Food prices are coming down in Nigeria, and we’re doing a lot to support the effort of the present administration,” Rabiu told State House Correspondents.
He highlighted the impact of last year’s federal duty waivers on key commodities, which disrupted hoarding tactics. Previously, rice soared to ₦100,000 per 50kg bag, wheat flour to ₦80,000, maize to ₦60,000, and pasta to ₦20,000 per carton.
Rabiu detailed how hoarders historically bought paddy rice during harvests, stored it for months, and resold at inflated prices. “The moment the season finishes, then the price will double. That has always been the problem,” he explained.
However, the waiver policy curbed this cycle, leaving hoarders “crying now and losing money.” Farmers, he noted, still receive ₦400,000–₦500,000 per tonne of paddy, while post-harvest speculative spikes to ₦800,000 have dwindled.
Emphasizing consumer protection, Rabiu stressed, “It is important to protect our farmers, but at the same time, we also have 250 million Nigerians paying a lot more than they should because of what few companies or individuals are doing.”
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