BUA to continue crashing rice prices; warns hoarders will lose money

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BUA Group Chairman Abdul Samad Rabiu has warned hoarders of rice and other food items to expect further price drops in the country. Speaking to State House correspondents after meeting with President Tinubu, Rabiu attributed the recent decline in food prices to the company’s decision to take advantage of the president’s waiver policy on imported food.

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“We were able to import a significant amount of wheat, maize, and rice, which led to a substantial decrease in prices,” Rabiu said. He praised President Tinubu for granting waivers on imported food items, stating that the policy has been instrumental in slashing food prices.

Rabiu revealed that the price of rice, for example, had plummeted from around N100,000 per 50-kilo bag to a lower price point. He attributed the previous price hike to hoarding by Nigerian rice companies, which would buy large quantities of rice paddy during harvest season and hold onto it for months, driving up prices

“A lot of companies in Nigeria would buy a lot of paddy and hold it for three to four months, and when the season finished, the price would double,” Rabiu explained. “But our intervention has created a problem for these hoarders, and now they’re crying and losing money.”

Rabiu warned hoarders that it wouldn’t be business as usual, stating that the Rice Millers Association, which he noted has come together to address the issue of hoarding, would not tolerate such practices among its members. “The association will not allow any of its members to hoard rice,” he emphasised.

Rabiu credited President Tinubu’s waiver policy with helping to stabilize food prices and posed a significant challenge to hoarders

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