Nigeria Heading For Price Crash, Says BUA Chairman, Rabiu Abdulsamad

Chairman of the BUA Group of Companies, Rabiu Abdulsamad, has expressed confidence that prices in Nigeria will soon start to come down under the administration’s economic policies.

Abdulsamad, who was meeting with President Bola Tinubu to congratulate him on the successful completion of Ramadan in Lagos highlighted the significant progress that has been made in addressing the country’s longstanding foreign exchange challenges.

“At a time, the exchange rate was almost N1900/$, but today, the rate is coming down to almost N1,200/$,” Abdulsamad noted.

“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,” he added.

The BUA Group chairman praised the Tinubu administration and the Central Bank of Nigeria (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 really commendable.”

Abdulsamad went on to predict that prices will start to fall in the coming months as a result of the improved forex situation. “So I expect that in a month or two, prices will definitely come down,” he said.

“For example, the price of diesel. The price a few days’ back was N1700/Litre, but today, it’s about N1,200/L.”

He revealed that his company had recently purchased diesel from Dangote Refinery at a rate below N1,200 per liter, suggesting a broader trend of falling prices in the market.

Abdulsamad attributed this positive development to the government’s reform efforts and the collaboration between the public and private sectors.

He noted that a committee has been established to facilitate this partnership, which he believes is crucial for the country’s economic recovery.

“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,” Abdulsamad said.