“Prices Of Goods Will Soon Crash” – BUA Chairman Abdul Samad Rabiu Assures After Meeting With Tinubu

One of the biggest contributors to the nation’s economy, Abdul Samad Rabiu has expressed confidence that the prices of goods will soon crash.

The Chairman of leading conglomerate, BUA Group gave the assurance after meeting with President Bola Tinubu at his residence to celebrate the end of Ramadan on Thursday, April 11, 2024.

“I expect that in a month or two, prices will definitely come down,” the industrialist behind incomparable acts of giving across Africa, ASR Africa Initiative declared while pointing out that “the collaboration between the government and the private sector to hasten the economic recovery is doing very well.”

The BUA Group Chairman is a member of the the Presidential Economic Coordination Council (PECC) established by President Tinubu, according to a statement by the presidency, “in a “strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation”.

“The biggest issue had always been foreign exchange; you know everything in Nigeria is in the debt of foreign exchange. At a time, it was almost N1900/$, but today, the rate is coming down to almost N1,200/$.

“We knew then that the high rate was due to many factors, including speculation and manipulation, and a lot of people were actually commercializing their dollar.

“We knew that the reform was not going to be easy, it was frosty at the beginning, but now, it is much calmer and I expect that the exchange rate to be below N1000/$.” the forbes rated king of commerce further situated his position on anticipated fall of the price of goods in an impromptu chat after his visit to the President.

The definition of good conduct in administering business added that “we must commend His Excellency, President Tinubu, and the CBN on what they have done and achieved. If the exchange rate is down to where a lot of people can afford it, things will be better”.

Shedding light on why the price fall is not immediate in the face of the appreciation of the Naira against the dollar, the biggest employer of labour in Northwest Nigeria explained that “a lot of companies may have bought things and goods when the rate was higher, so it will take a bit of time before things fizzle out, so I expect that in a few months’ time, you will see that prices will definitely come down.

“For example, the price of diesel a few days back was N1700 per liter, but today, it’s about, N1,200 to a liter

“As a matter of fact, we bought diesel from Dangote Refinery on Monday below N1200/Liter for our transport and operations. We bought quite a lot and definitely, prices will continue to go down.

“I know that Dangote gave us a lower price because of our relationship but that goes to show that prices are coming down and I’m sure and confident that things will continue to come down so we need to be a bit more patient, things are taking shape.”

Insisting that “the Government has done very well”, the wealth creator provided reasons with the insight that “this is the first time in over 30 years that I have seen one exchange rate in Nigeria, so it’s really commendable and I believe that in a few months, we will see things going back to normal.”

And passionately advocated that “We all need to come together and support the government and her policies. The government means well 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, especially, now that Mr. President has established a Committee, comprising the government and the private sector, so we are supporting each other.

“We are always advising the government and the government is listening and this is very important.”