The Chairman of BUA Group, Abdul Samad Rabiu, says his company will crash the price of rice, warning that those hoarding the commodity will lose money.
Addressing State House Correspondents after a meeting with President Bola Tinubu on Thursday at the presidential villa, Abuja, Rabiu said “Food prices are coming down in Nigeria and we’re doing a lot to support the effort of the present administration”.
He also said he was already working with Aliko Dangote, the leader of the Dangote Group, to stabilize the price of cement, especially those involved in the Renewed Hope Initiative projects of the Federal Government.
He said, “You will recall that His Excellency granted a duty waiver last year for certain food items like brown rice, maize, wheat and sorghum.“
At the time, food prices were very high; the price of rice last year was about N100,000 per 50 kilogramme (kg) bag, and the price of wheat or flour was about N80,000 per bag, maize was about N60,000 per 50 kg bag and pasta about N20,000 per carton.” (Daily Trust)