Why prices in Nigeria will soon decline—BUA boss

Abdulsamad, the Chairman of the BUA Group of Companies, expressed optimism that Nigeria will witness a decrease in prices soon as a result of the economic policies implemented by the administration.

During his meeting with President Bola Tinubu to extend congratulations on the successful conclusion of Ramadan in Lagos, Abdulsamad emphasized the significant headway made in tackling the country’s enduring foreign exchange issues.

He pointed out that the exchange rate, which had previously reached nearly N1900/$, has now dropped to around N1,200/$. Abdulsamad highlighted that the high exchange rate was influenced by various factors such as speculation, manipulation, and individuals engaging in dollar commercialization.

The efforts of the Tinubu administration and the Central Bank of Nigeria (CBN) in stabilizing the exchange rate have been praised by the chairman of the BUA Group.

He expressed his commendation, stating that it is the first time in over 30 years that he has witnessed a single exchange rate in Nigeria.

Abdulsamad also predicted that prices would decrease in the upcoming months due to the improved forex situation. He specifically mentioned the price of diesel, highlighting that it had already dropped from N1700/Litre to approximately N1,200/Litre.

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

Abdulsamad attributed this positive development to the collaborative efforts between the public and private sectors, emphasizing the importance of their partnership for the country’s economic recovery.

He acknowledged the establishment of a committee to facilitate this collaboration and urged everyone to support the government’s policies, acknowledging that the reforms will take time and patience.