BUA Foods Assures Consumers Stable Rice Prices Amid FX Volatility

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By Adedapo Adesanya

BUA Foods has informed distributors and its consumers that it would maintain prices of its BUA Rice brand to support efforts at making the staple food more affordable in Nigeria, noting that the volatility in foreign exchange doesn’t affect its commitment to the Nigerian agricultural sector and the economy.

According to a statement by the company, this is due to the strong sales potential from the company’s newly upgraded 200,000 tonnes per annum rice mill in Kano using locally sourced rice paddy.

According to the company, this decision to maintain prices is a result of the little reliance on FX for rice production.

Before the BUA Foods business integration, which saw its listing in 2022, the BUA Group Chairman, Mr Abdul Samad Rabiu, had stated that BUA’s goal would be to focus on areas where raw materials can be sourced locally across all its business areas, including rice to promote food security in Nigeria and support the government in national development.

He said distributors were excited by this development, and we’re sure that BUA Foods, in its usual fashion, would crash the rice prices further as it had consistently done with its other food products like flour, sugar, and pasta.

“By prioritising local agricultural resources, BUA Foods supports Nigerian farmers and contributes to the nation’s self-sufficiency in rice and sugar production through backward integration.

“BUA Foods’ steadfast commitment to its vision has gained recognition and appreciation from stakeholders across the industry,” the statement noted.

The company’s efforts to bolster the Nigerian agricultural sector have garnered praise, positioning BUA Foods as a leader in the drive toward sustainable food production.

The company noted that its upgraded rice mill and the parboiling plant would further enhance BUA Foods’ rice production capacity, enabling the company to meet the growing demand for its high-quality rice products.

The company said this would happen as it remains committed to delivering excellence and ensuring that consumers have access to top-notch rice that is locally produced.

“As BUA Foods continues to make significant strides in advancing the Nigerian rice industry, the company remains focused on building strong relationships with farmers, empowering local communities, and contributing to the overall development of the nation’s agricultural landscape.”

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