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Rabiu Abdulsamad, the Chairman of the BUA Group of Companies, has expressed optimism that prices in Nigeria will soon begin to decline as a result of the government’s economic policies, LEADERSHIP reported.
During a meeting with President Bola Tinubu in Lagos to congratulate him on the successful completion of Ramadan, Abdulsamad highlighted the progress made in addressing the country’s foreign exchange challenges….……..CONTINUE READING
Abdulsamad pointed out that the exchange rate, which had previously reached nearly N1900/$, has now decreased to around N1,200/$.
He attributed the high exchange rate to factors such as speculation and manipulation, commending the efforts of the Tinubu administration and the Central Bank of Nigeria (CBN) in stabilizing the exchange rate.
“This is the first time in over 30 years that I have seen one exchange rate in Nigeria, so it’s really commendable,” Abdulsamad remarked.
He predicted that prices would start to fall in the coming months due to the improved forex situation.
Abdulsamad cited the example of diesel prices, which had recently dropped from N1700/liter to about N1,200/liter.
The BUA Group chairman disclosed that his company had purchased diesel from Dangote Refinery at a rate below N1,200 per liter, indicating a broader trend of declining prices in the market.
Abdulsamad attributed this positive development to the government’s reform efforts and emphasized the importance of collaboration between the public and private sectors.
He highlighted the establishment of a committee to facilitate this partnership and called for support for the government’s policies, acknowledging that reforms would take time to yield results.
“We all need to come together and support the government and 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 urged.
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