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The Chairman of BUA Group, Alhaji Abdul Samad Rabiu, says President Bola Tinubu’s foresight in introducing duty waiver for essential food items last year has crashed the prices of essential food items.
Rabiu said this while briefing State House Correspondents after a meeting with the President on Thursday at the Presidential Villa, Abuja.
“Food prices are coming down in Nigeria and we’re doing quite a lot to support that effort.
“You will recall that His Excellency granted duty waiver last year for certain food items like brown rice, maize, wheat and sorghum to be imported into the country.
“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,” said Rabiu.
Read also: BUA Foods’ Q1 profit surges 124% as rice, flour sales soar
He said his company keyed into that policy and was able to import a lot of wheat, maize and rice.
He added that when the shipment started coming and the company started processing, it crashed the prices of some of the commodities.
“Today, I’m happy to inform Nigerians that the price of rice is now about N60,000 from what it was last year of N100,000. Flour is today N55,000 per 50 kg bag and maize about N30,000.
“And this happened because of Mr President’s foresight and vision by introducing that one-off duty waiver for a period of six months,” said Rabiu.
He attributed the high prices of food items in the past to the activities of hoarders.-
