By Samuel Adeola
Chairman of BUA Group, Abdul Samad Rabiu, has declared that food prices across Nigeria, especially rice, will continue to fall as the company releases massive stockpiles into the market.
Speaking after meeting President Bola Tinubu at the Presidential Villa, Rabiu blamed past price surges on hoarders who tried to manipulate supply.
He warned that such profiteers are now counting their losses as prices tumble.
He praised the federal government’s decision to waive import duties on key food items like rice, maize, wheat, and sorghum, saying it is already helping stabilize the market.
“Food prices are coming down and we are working hard to support the president’s efforts,” Rabiu said.
Last year, a 50 kilogram bag of rice sold for up to N100,000. With BUA’s fresh supply and a clampdown on hoarding, Rabiu promised prices will not rise further.
He also responded to concerns about cement costs, blaming the naira’s fall and rising gas bills. Yet, he announced a price freeze on cement for all federal projects under the Renewed Hope initiative, in partnership with Dangote.
“Contractors on these projects will not face price increases for now,” he assured.
