BUA Chairman Abdul Samad Rabiu says rice prices will crash, warning hoarders will lose money as his company floods the market.
BUSINESS DAY
Chairman of BUA Group, Abdul Samad Rabiu, has warned rice hoarders that they risk major financial losses as food prices begin to crash. Speaking to journalists after meeting President Bola Tinubu on Thursday at the Presidential Villa, Rabiu said the federal government’s duty waivers on food imports have significantly helped to stabilise prices.
“Food prices are coming down in Nigeria,” Rabiu said, noting the waiver covers key staples like rice, maize, wheat, and sorghum.
He criticised hoarders who manipulate prices by stockpiling commodities: “A lot of those hoarders are crying now and losing money.”
Rabiu added that BUA Foods has imported enough rice to sustain Nigerians till year-end, assuring that prices will not rise further. “People will be wary of hoarding. After all, if they hoard, they will lose money,” he said.
He emphasised the need to balance protecting farmers with ensuring affordable food for the population, adding, “We also have 250 million Nigerians paying more than they should because of what a few individuals are doing.”