In a bold move to tackle food inflation and make rice more affordable for Nigerian families, BUA Group has vowed to crash rice prices across the country. Speaking with unwavering confidence, BUA Chairman Abdul Samad Rabiu revealed that the company has already made significant strides in reducing the prices of essential food commodities, with more relief on the way for consumers.
Rabiu explained that the current price drops in rice, flour, and maize are no coincidence. BUA Group has been importing large quantities of these staples under a government-backed duty-free policy, and the impact is already evident. The price of a 50kg bag of rice, which previously hovered around ₦110,000, now sells for as low as ₦60,000. Similarly, flour prices have fallen from ₦80,000 to ₦55,000, and maize from ₦60,000 to ₦30,000. These reductions are already providing much-needed breathing room for struggling households across the country.
However, Rabiu didn’t stop at celebrating the price cuts. He issued a stern warning to those hoarding rice in anticipation of future scarcity. According to him, the days of profiteering off the backs of ordinary Nigerians are numbered. Traders who bought large quantities of paddy rice and stored them to artificially inflate prices will soon suffer heavy losses. With BUA continuing to flood the market with affordable rice, hoarders will find themselves holding onto stock that is rapidly losing value.
“We are going to keep crashing rice prices,” Rabiu stated firmly. “Anyone hoarding rice will lose money. We have brought in enough rice to last till the end of the year. There’s no need for artificial scarcity.”
The rice imports are part of a wider national effort led by the federal government. President Bola Tinubu’s temporary suspension of customs duties on food imports, initiated in July 2024, has played a pivotal role in enabling companies like BUA to intervene decisively. Rabiu praised this policy, noting that it empowered businesses to directly ease the burden on consumers during a time of soaring food prices.
BUA’s intervention arrives at a critical moment, as Nigeria continues to grapple with food insecurity and inflation. While many traders have taken advantage of supply gaps to manipulate the market, BUA is flipping the script. By making rice widely available and affordable, the company is not just disrupting exploitative supply chains—it is restoring hope to millions.
Ultimately, Rabiu’s message is clear: BUA is committed to helping Nigerians access basic foodstuffs at reasonable prices, and it won’t be business as usual for those trying to exploit the system. As prices continue to fall, the group’s decisive action sets a powerful example of how the private sector can support national efforts to ensure food security for all.
RELATED
