Abdul Samad Rabiu, Group Chairman of BUA Group derives a substantial portion of his wealth from BUA Foods, a subsidiary of his conglomerate. BUA Foods which was listed in 2022 prioritises local agricultural resources by contributing to the nation’s self-sufficiency in rice and sugar production.
In a statement, BUA Foods informed distributors of its rice products that it would maintain prices of its BUA Rice to support efforts at making rice more affordable in Nigeria.
Recall that Abdul Samad had earlier revealed that the goal of the conglomerate is to focus on areas where raw materials can be sourced locally across all its business areas including rice to promote food security in Nigeria.
The Nigerian Billionaire’s commitment to local production is a reflection of his sadness about the high level of food imports. Stressing that food imports should not be happening at all in Nigeria and Africa, Rabiu said, “We have 60% of the world’s arable land. We have the people [to farm]. We have the climate. We have everything it takes.”
Speaking further about his dissatisfaction, Abdul Samad said, “It makes me sad that we have everything and yet we have nothing. We import almost 80% of what we eat. We have no business importing food. These are the issues that we want our leaders to address and help us resolve.”
Why Abdul Samad Rabiu Maintained the price of rice
The company’s decision to maintain prices is because of the strong sales potential from its newly upgraded 200,000tonnes per annum rice mill in Kano using locally sourced rice paddy.
The decision is also a result of the little reliance on FX for rice production. Reports say distributors received the news with excitement. They however noted that the move was anticipated as BUA Foods had previously crashed prices for its other food products like flour, sugar, and pasta.
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