The management of BUA Foods Plc says it is poised to maintain prices of its rice brands to support efforts at making the staple food more affordable across the country to promote food security in Nigeria, while supporting the government’s efforts in National development.
This, the company explained in a chat with distributors, is part of its commitment to the Nigerian agricultural sector and the economy, besides the strong sales potential of its newly upgraded 200,000 tonnes per annum rice mill in Kano using locally sourced rice paddy.
According to the company, the decision to maintain prices resulted from the little reliance on foreign exchange for rice production.
Prior to the business integration of BUA Foods leading to its listing in 2022, Abdul Samad Rabiu, BUA Group’s Chairman, noted that the goal would be to focus on areas where raw materials can be sourced locally across all its business areas, including rice.
The statement quoted a key distributor in Kano as saying his colleagues were excited by this development, assured that BUA Foods in its usual fashion would crash rice prices further as it had consistently done with its other food products like flour, sugar, and pasta.
By prioritizing local agricultural resources, BUA Foods says it is not only supporting Nigerian farmers, but also contributing to national self-sufficiency in rice and sugar production through backward integration, while also restating commitment to the vision for which it has gained recognition and appreciation from stakeholders across the industry.
The upgraded rice mill and parboiling plant is expected to further enhance BUA Foods’ rice production capacity, enabling the company to meet the growing demand for its high-quality rice products whilst remaining committed to delivering excellence and ensuring that consumers have access to top-notch rice that is locally produced.
While continuing its efforts to make significant strides in advancing the Nigerian rice industry, the company says it is focused on building strong relationships with farmers, empowering local communities, and contributing to the overall development of the nation’s agricultural landscape.