![BUA Group Chairman Abdul Samad Rabiu. [Getty Images]](https://image.api.sportal365.com/process/smp-images-production/pulse.ng/16052025/b49ec4a6-0110-4022-b31c-551fb21264a8.jpg?operations=autocrop(1042:580))
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BUA Group Chairman Abdul Samad Rabiu has pledged to continue driving down food prices in Nigeria, particularly rice, while warning those hoarding paddy stockpiles that the days of price manipulation are over.
Speaking to State House correspondents on Thursday after a meeting with President Bola Tinubu, Rabiu commended the federal government’s decision to suspend import duties on food items—a policy he credits for the significant drop in rice, flour, and maize prices.
“In just a year, rice prices have fallen from ₦110,000 to ₦60,000 per 50kg bag.
“Flour is now ₦55,000, down from ₦80,000, and maize has dropped from ₦60,000 to ₦30,000. That’s because of Mr. President’s foresight in granting the waiver,” Rabiu noted.
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![A general view of grains of Rice at Paul Chinedu's shop in a market at Illaje Bariga, Lagos, on June 29, 2021. [Getty Images]](https://image.api.sportal365.com/process/smp-images-production/pulse.ng/16052025/c5d480ba-384c-441d-a340-b33f070fd681.jpeg)
A general view of grains of Rice at Paul Chinedu's shop in a market at Illaje Bariga, Lagos, on June 29, 2021. [Getty Images]
A general view of grains of Rice at Paul Chinedu's shop in a market at Illaje Bariga, Lagos, on June 29, 2021. [Getty Images]
In July 2024, the Tinubu administration suspended customs duties on key food imports to curb soaring inflation.
Rabiu said BUA Foods swiftly acted on the policy, importing large volumes of wheat, maize, and rice to flood the market.
The billionaire industrialist also spotlighted the issue of hoarding in Nigeria’s rice market, calling it a key factor behind previous price surges.
“Many companies buy up rice paddy during harvest and sit on it for months, waiting for prices to rise.
“They create artificial scarcity. But once we started importing and selling, their strategy backfired. Prices dropped—and they’re losing money now,” he explained.
![This picture shows a bowl of imported rice at Ajara market, in Badagry, near Lagos, on September 6, 2019. [Getty Images]](https://image.api.sportal365.com/process/smp-images-production/pulse.ng/16052025/45e0c011-982b-43dd-9169-92198cf6dcb0.jpeg)
This picture shows a bowl of imported rice at Ajara market, in Badagry, near Lagos, on September 6, 2019. [Getty Images]
This picture shows a bowl of imported rice at Ajara market, in Badagry, near Lagos, on September 6, 2019. [Getty Images]
Rabiu revealed that the Rice Millers Association is now taking steps to prevent such practices.
“We won’t allow any of our members to hoard rice again,” he said firmly.
With more imports and a united industry front, Rabiu said the BUA Group remains committed to breaking the cycle of food price inflation: “We’re not done. We’ll keep crashing rice prices.”