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. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
\u201cFood prices are coming down in Nigeria, and we\u2019re doing a lot to support the effort of the present administration,\u201d Rabiu told State House Correspondents. <\/p>\n\n\n\n
He highlighted the impact of last year\u2019s federal duty waivers on key commodities, which disrupted hoarding tactics. Previously, rice soared to \u20a6100,000 per 50kg bag, wheat flour to \u20a680,000, maize to \u20a660,000, and pasta to \u20a620,000 per carton. <\/p>\n\n\n\n
Rabiu detailed how hoarders historically bought paddy rice during harvests, stored it for months, and resold at inflated prices. \u201cThe moment the season finishes, then the price will double. That has always been the problem,\u201d he explained. <\/p>\n\n\n\n
However, the waiver policy curbed this cycle, leaving hoarders \u201ccrying now and losing money.\u201d Farmers, he noted, still receive \u20a6400,000\u2013\u20a6500,000 per tonne of paddy, while post-harvest speculative spikes to \u20a6800,000 have dwindled. <\/p>\n\n\n\n
Emphasizing consumer protection, Rabiu stressed, \u201cIt 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.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"
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. \u201cFood prices are coming down in Nigeria, and we\u2019re doing a lot to support the effort of the present administration,\u201d Rabiu told State House Correspondents. He highlighted the impact of last year\u2019s federal duty waivers on key commodities, which disrupted hoarding tactics. Previously, rice soared to \u20a6100,000 per 50kg bag, wheat flour to \u20a680,000, maize to \u20a660,000, and pasta to \u20a620,000 per carton. Rabiu detailed how hoarders historically bought paddy rice during harvests, stored it for months, and resold at inflated prices. \u201cThe moment the season finishes, then the price will double. That has always been the problem,\u201d he explained. However, the waiver policy curbed this cycle, leaving hoarders \u201ccrying now and losing money.\u201d Farmers, he noted, still receive \u20a6400,000\u2013\u20a6500,000 per tonne of paddy, while post-harvest speculative spikes to \u20a6800,000 have dwindled. Emphasizing consumer protection, Rabiu stressed, \u201cIt 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.\u201d<\/p>\n","protected":false},"author":2,"featured_media":25267,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-25266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/25266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25266"}],"version-history":[{"count":1,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/25266\/revisions"}],"predecessor-version":[{"id":25268,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/25266\/revisions\/25268"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/media\/25267"}],"wp:attachment":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}