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Abdul Samad Rabiu, Group Chairman of BUA Group derives a considerable portion of his wealth from BUA Meals, a subsidiary of his conglomerate. BUA Meals which was listed in 2022 prioritises native agricultural assets by contributing to the nation’s self-sufficiency in rice and sugar manufacturing.
In a press release, BUA Meals knowledgeable distributors of its rice merchandise that it could keep costs of its BUA Rice to help efforts at making rice extra reasonably priced in Nigeria.
Recall that Abdul Samad had earlier revealed that the aim of the conglomerate is to concentrate on areas the place uncooked supplies might be sourced domestically throughout all its enterprise areas together with rice to advertise meals safety in Nigeria.
The Nigerian Billionaire’s dedication to native manufacturing is a mirrored image of his disappointment in regards to the excessive stage of meals imports. Stressing that meals imports shouldn’t be taking place in any respect in Nigeria and Africa, Rabiu stated, “Now we have 60% of the world’s arable land. Now we have the individuals [to farm]. Now we have the local weather. Now we have every thing it takes.”
Talking additional about his dissatisfaction, Abdul Samad stated, “It makes me unhappy that we have now every thing and but we have now nothing. We import nearly 80% of what we eat. Now we have no enterprise importing meals. These are the problems that we wish our leaders to handle and assist us resolve.”
Why Abdul Samad Rabiu Maintained the value of rice
The corporate’s resolution to keep up costs is due to the sturdy gross sales potential from its newly upgraded 200,000tonnes each year rice mill in Kano utilizing domestically sourced rice paddy.
The choice can also be a results of the little reliance on FX for rice manufacturing. Stories say distributors obtained the information with pleasure. They nevertheless famous that the transfer was anticipated as BUA Meals had beforehand crashed costs for its different meals merchandise like flour, sugar, and pasta.
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