Chairman of BUA Group, Abdul Samad Rabiu, says food prices—especially rice—will keep falling as BUA releases large stockpiles into the market.
Speaking after meeting President Bola Tinubu, Rabiu blamed past price hikes on hoarders now facing losses. He praised the government’s duty waivers on rice, maize, wheat, and sorghum, noting the move is stabilizing the market.
“Food prices are coming down, and we’re supporting the president’s efforts,” he said.
Rabiu also addressed cement costs, citing the weak naira and high gas prices. Still, he announced a price freeze on cement for all federal projects under the Renewed Hope agenda.
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