Chairman of BUA Group, Abdul Samad Rabiu, has warned food hoarders to brace for further price drops, especially on rice and other staples.
Speaking to journalists after meeting President Bola Tinubu on Thursday, Rabiu said BUA Foods took full advantage of Tinubu's food import waiver policy, which allowed them to import large volumes of wheat, maize, and rice, significantly reducing food prices.
He recalled that in 2024, rice sold for about N100,000 per 50kg bag, maize for N60,000, flour for N80,000, and pasta over N20,000 per carton. "We keyed into the waiver and crashed these prices," he said.
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Rabiu blamed local rice companies for hoarding paddy to inflate prices, calling the act unpatriotic. "Many Nigerian companies hoard paddy rice, causing price surges," he added.
He commended President Tinubu's foresight in granting import waivers and reiterated BUA's commitment to keeping prices low for Nigerians.
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