• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Wednesday, June 18, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home News

We Will Continue to Drive Down Rice Prices,” BUA Chairman Rabiu Addresses Hoarders

Nathaniel Irobi by Nathaniel Irobi
May 16, 2025
in News
0
We Will Continue to Drive Down Rice Prices,” BUA Chairman Rabiu Addresses Hoarders

Abdul Samad Rabiu

0
SHARES
5
VIEWS
FacebookTwitterWhatsappEmailTelegram

Abdul Samad Rabiu, Chairman of BUA Group, has committed to further reducing the prices of rice and other food products, which have already seen a decline over the past year.

He praised President Bola Tinubu for implementing a waiver on imported food items, stating that this “foresight” has significantly contributed to lowering food prices in the nation.

RelatedPosts

Defamation : Natasha Akpoti-Uduaghan’s Arraignment Delayed As Court Approves Substituted Service

Christian Forum Benue Youth Urged To Defend Themselves Amid Ongoing Violence

Sokoto Prodigal Politician, Sani Gudu Seeks Wamakko’s Forgiveness

In July 2024, the Tinubu administration announced the suspension of customs duties on imported food items to combat food inflation.

After a meeting with President Tinubu on Thursday, Rabiu spoke to State House Correspondents, explaining that BUA Foods took advantage of this policy to import substantial quantities of wheat, maize, and rice.

“Last year, food prices were exceedingly high; for instance, a 50-kilogram bag of rice was priced around N100,000, flour was approximately N80,000 per bag, maize was about N60,000 per 50 kilograms, and pasta exceeded N20,000 per carton. By aligning with this policy, BUA managed to import significant amounts of wheat, maize, and rice.

“Once the shipments began arriving, we processed the goods and reduced prices on these commodities. I am pleased to report that the price of rice has dropped to around N60,000 from last year’s N110,000, while flour is now N55,000 per 50 kilograms. Maize costs about N30,000. This achievement is due to the President’s insightful decision to introduce a one-time duty waiver for six months, which has enabled us to lower these prices,” Rabiu stated.

ALSO READ:  Hardship: Group Decries As Gov Dauda Spends Over ₦1b on Luxury Cars for Chairmen

The billionaire entrepreneur elaborated on the factors contributing to the rise in food prices and how the President’s policy has helped mitigate this trend.

“Many are unaware that numerous companies in Nigeria typically purchase large quantities of rice paddy—raw rice used in processing. As the harvest season begins, many stockpile this paddy for three to four months, causing prices to double once the season ends. While this does not negatively impact farmers, who receive between N400,000 to N500,000 per ton of paddy, those who hoard can see prices soar to N800,000, leading to the current price of N110,000 per bag.

“The intervention we implemented created challenges for hoarders. With our imports, we were able to sell, and those hoarding paddy were unable to do so, resulting in a price drop that continues to persist. Many of these hoarders are now experiencing financial losses.”

Rabiu mentioned that the Rice Millers Association has united to tackle the issue of hoarding among certain companies, emphasizing their commitment to preventing any member from engaging in such practices.

“We, as rice millers, aim to ensure that our members do not purchase and hoard paddy. While it’s challenging to completely eliminate this behavior, the knowledge that sufficient imported rice is available—thanks to BUA’s imports, which will sustain us until year-end—deters hoarding. If they attempt to hold back rice and inflate prices, BUA will be there to lower them.

“I am optimistic that rice prices will not rise beyond current levels. As the new season begins, farmers will receive their usual prices, and rice prices should stabilize. The fear of hoarding will deter such actions, as it could lead to financial losses for those who attempt it.

ALSO READ:  APC Group Condemns U.S. Meddling In Tinubu's Presidency

“Furthermore, I’d like to express my gratitude to His Excellency for his vision and foresight. I initially doubted the effectiveness of this approach, but we adapted, imported, and supported the initiative, leading to reduced prices. We will continue to back the government’s efforts to ensure food prices remain low, and I am confident they will keep decreasing.

“It’s interesting to note that when prices soared to N100,000, there was widespread outcry, but now that prices are falling, few are acknowledging this positive change. However, I am here to affirm that food prices are indeed decreasing and will continue to do so, thanks to the initiatives of BUA Foods in support of government efforts to stabilize prices,” Rabiu concluded.

Tags: Rice Prices
Nathaniel Irobi

Nathaniel Irobi

Related Posts

Defamation :  Natasha Akpoti-Uduaghan’s Arraignment Delayed As Court Approves Substituted Service

Defamation : Natasha Akpoti-Uduaghan’s Arraignment Delayed As Court Approves Substituted Service

by Ojimaojo Abubakar
June 17, 2025
0

The ongoing legal saga involving suspended Kogi Central Senator Natasha Akpoti-Uduaghan, the Federal High Court in Abuja has adjourned her...

Christian Forum Benue Youth Urged To Defend Themselves Amid Ongoing Violence

Christian Forum Benue Youth Urged To Defend Themselves Amid Ongoing Violence

by Ojimaojo Abubakar
June 17, 2025
0

The Concerned Christian Youth Forum (CCYF) has called on the youth of Benue State to rise and protect their lives...

Sokoto Prodigal Politician, Sani Gudu Seeks Wamakko’s Forgiveness

Sokoto Prodigal Politician, Sani Gudu Seeks Wamakko’s Forgiveness

by Ojimaojo Abubakar
June 17, 2025
0

By Ankeli Emmanuel, Sokoto Aware of the fact that he was heading to a journey of no return, espeically that...

Recommended

Gov Sani Presents Staff Of Office To New Moroa Chief, Charges Him On Peace, Unity

Gov Sani Presents Staff Of Office To New Moroa Chief, Charges Him On Peace, Unity

3 days ago
Sokoto Approves Poverty Index Survey

Sokoto Approves Poverty Index Survey

2 days ago

Popular News

  • Arewa group hails Tinubu’s inclusive appointments

    NURTW President Hails Tinubu’s Reforms, Urges Greater Support For Transport Sector

    0 shares
    Share 0 Tweet 0
  • Kaduna Govt Unveils 345 Supervisory Councillors, Special Advisers Across 23 LGAs

    0 shares
    Share 0 Tweet 0
  • Group Warns Against Attempt To Pitch Senator Katung Against Tinubu, Gov Uba Sani

    0 shares
    Share 0 Tweet 0
  • NAHCON Officials Grumble in Saudi Arabia Over Unpaid Allowances

    0 shares
    Share 0 Tweet 0
  • My Office Is Accessible To All, Hon. Bawa Tells Group

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (728)
  • Education (213)
  • Entertainment (310)
  • Health (192)
  • National (2,108)
  • News (7,913)
  • Opinion (290)
  • Politics (1,583)
  • Science (15)
  • Security (404)
  • Sports (425)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform