Business

BUA chairman assures Nigerians of lower prices of goods soon, commends Tinubu administration for tackling Forex challenges

The Chairman of BUA Group of Companies, Alhaji Rabiu Abdulsamad, has expressed confidence that prices of goods in the country would soon start to come down under the present government’s economic policies. Abdulsamad Rabiu, who spoke with newsmen on Thursday after meeting with President Bola Tinubu in Lagos, predicted that prices would start to fall in the coming months because of the improved forex situation. His words: “So I expect that in a month or two, prices will come down. For example, the price of diesel. The price a few days back was N1700/Litre, but today, it’s about N1,200/Litre.” He highlighted the significant progress that has been made in addressing the country’s longstanding foreign exchange challenges. “At one time, the exchange rate was almost N1,900/$1, but today, the rate is coming down to almost N1,200/$1. We explained, then, “We knew that the high rate was due to many factors, including speculation and manipulation, and a lot of people were commercializing their dollar,” he explained. Rabiu praised the Tinubu administration and CBN for their efforts in stabilizing the exchange rate, stating that, “this is the first time in over 30 years that I have seen one exchange rate in Nigeria, so it’s commendable.” The BUA boss revealed that his company recently purchased diesel from Dangote Refinery at a rate below N1,200 per litre, suggesting a broader trend of falling prices in the market. He attributed this positive development to the government’s reform efforts and the collaboration between the public and private sectors while noting that a committee has been established to facilitate this partnership, which is crucial for the country’s economic recovery. His words: “We all need to come together and support the government, her policies. The government means well, and they are trying to support Nigeria, but we need to be patient. These reforms will take time, it is not easy, and it is not something that can be done in one day, so we are working together,” Rabiu said.

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