In a commendable demonstration of dedication to Nigeria’s agricultural sector and economy, BUA Foods has announced its decision to maintain the prices of its BUA Rice, thereby supporting efforts to make rice more affordable in the country. The company recently informed its distributors about this initiative, emphasizing its commitment to utilizing locally sourced rice paddy in its newly upgraded 200,000-tonnes-per-annum rice mill located in Kano.
The move by BUA Foods to keep prices stable showcases its unwavering commitment to the Nigerian agricultural sector. By making rice more affordable, the company aims to improve food security and contribute to the overall economic development of the nation. This decision comes as a result of the company’s confidence in the strong sales potential generated by its upgraded rice mill, which now has the capacity to process 200,000 tonnes of rice annually.
One key factor enabling BUA Foods to maintain prices is its reduced reliance on foreign exchange (FX) for rice production. By sourcing rice paddy locally, the company reduces its exposure to fluctuations in foreign currency rates, ensuring a more stable pricing structure. This not only benefits consumers but also supports local farmers who supply the rice paddy, thus promoting the growth of the agricultural sector within Nigeria.
Abdul Samad Rabiu, the Chairman of BUA Group, had previously expressed the company’s commitment to focusing on areas where raw materials can be sourced locally across all its business areas, including rice. BUA Foods believes that by prioritizing local agricultural resources, it can contribute to Nigeria’s self-sufficiency in rice production and support the government’s efforts to achieve national development goals.
The news of BUA Foods’ decision to maintain prices has been met with excitement among distributors, particularly in Kano. Distributors anticipate that the company’s commitment to affordability will result in further reductions in rice prices, as has been the case with its other food products, including flour, sugar, and pasta. BUA Foods has gained a reputation for consistently providing quality food products at competitive prices, and distributors believe that this commitment will extend to its rice offerings.
By prioritizing local sourcing and national development, BUA Foods aims to bolster the Nigerian agricultural sector. The company’s efforts have not gone unnoticed, with stakeholders across the industry recognizing and appreciating its contributions. BUA Foods has positioned itself as a leader in the drive toward sustainable food production in Nigeria, setting an example for other players in the industry.
The recent upgrade of BUA Foods’ rice mill and the establishment of a parboiling plant will further enhance the company’s rice production capacity. These enhancements enable BUA Foods to meet the growing demand for its high-quality rice products while maintaining its commitment to affordability and local sourcing. Consumers can expect to continue enjoying access to top-notch rice that is locally produced, ensuring freshness and supporting local farmers.
In addition to its commitment to affordable pricing, BUA Foods is dedicated to building strong relationships with farmers and empowering local communities. By working closely with farmers, the company supports their growth and provides them with a reliable market for their produce. BUA Foods’ engagement with local communities extends beyond economic contributions, with a focus on social initiatives aimed at enhancing the overall well-being of the communities in which it operates.
As BUA Foods continues to make significant strides in advancing the Nigerian rice industry, it remains steadfast in its mission to contribute to the development of the nation’s agricultural landscape. By promoting self-sufficiency, supporting local farmers, and maintaining affordable prices, they set an exemplary standard for sustainable growth in the food industry. The company’s unwavering commitment to its vision paves the way for a brighter and more prosperous future for Nigeria’s agricultural sector.
