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Nairaland Forum / Nairaland / General / Business / BUA Group Vows To Crash Prices Flour, Sugar, Others (16973 Views)
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BUA Group Vows To Crash Prices Flour, Sugar, Others by prof2007: 1:35am On Oct 08, 2019 |
Management of BUA Group has promised to crash prices of major food items it produces like sugar, flour, pastas and many others. Since 2016, when Nigeria slipped into recession, the purchasing power of Nigerians has remained low. Though inflation has been on a steady decline, prices of food items have continued to rise and last month, the Nigerian government closed its borders to tackle smuggling of food items into the nation. This action has caused prices of foodstuff to skyrocket at the market and at the moment, the price of a 50kg bag of rice is N24,000 to N26,000. Before the border closure, it was selling for N14,000 to N16,000. WHAT WOULD SUPPORT THE CRASHING OF PRICES General Manager of BUA Ports and Terminals, Mr Mohammed Lile, speaking ahead of the commissioning of the company’s foods manufacturing complex in Port Harcourt, Rivers State, this month, told CNBC Africa that efforts would be made to bring down prices of its products. Mr Lile explained that the huge factory in Port Harcourt was built in line with the federal government of Nigeria’s policy on self sufficiency, stating that the location of the plant gave it a good advantage to bring down prices of products that would be produced in the complex. He said the railway lines would reduce cost of transportation which would make it easy to access parts of the country, adding that the sea was also available for ships to berth with raw materials that would be processed at the complex. He then noted that use of gas would supplement the lack of power that faced production in the country which had been powered by its partners, Oando. Mr Lile, in the interview with CNBC Africa and monitored by Business Post, noted that the $400 million project which started over 5 years ago comprises three factories: a sugar refinery; a flour (pasta) mill; and a power plant. On the sugar refinery which has a 720,000 metric tonnes capacity per annum, Mr Lile said, “This sugar refinery has a storage dome of 60,000 tonnes capacity for raw sugar.” As for the power plant, Mr Lile disclosed that the plant had three sources that generated 24 megawatts of power. “We have the turbine, which is 10 megawatts, we have the gas generators which is 12 megawatts, and then we have the diesel generator which is 2 megawatts,” he said. Explaining how the factories would work together, Mr Lile noted that the imported raw materials, sugar and flour will be stored in the storage dome and processed in the plant. “We import raw sugar which goes into the dome, it is processed, packaged, and then into the market. "We import raw wheat which goes into the silos, which has a capacity of about 32,000 metric tonnes, processed into flour and then to pasta. We also have the Semolina line,” Mr Lile said. He also noted that the complex has 5 pasta lines. Mr Lile said that the group had keyed into the Federal Government’s backward integration programme to ensure self sufficiency. “We have acquired land in Lafiaji, Kwara state and Bassa, in Kogi state. The sugar plantation is already ongoing, generating employment which is also going to give us the raw materials to complement whatever we are importing from Brazil." He said this was an identical step it took when it started cement production when it went from just packaging to full production with the establishment of its plant in Edo state. He added, “We have also expanded the Sokoto plants to 2 million tonnes per annum.” Mr Lile, however, said the major challenge faced by the company is with the Nigerian Port Authority following the decommissioning of the Terminal B Jetty in the Port Harcourt, Rivers State, Port complex, which is operated by the entity. He noted that the issue was bringing about a loss of job opportunities for many Nigerians. SOURCE: https://businesspost.ng/2019/10/07/bua-group-vows-to-crash-prices-flour-sugar-others/amp/ 9 Likes |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by immortalcrown(m): 1:58am On Oct 08, 2019 |
The only tribe allowed to stand in Dangote's way. 9 Likes 1 Share |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by NwaAmaikpe: 5:46am On Oct 08, 2019 |
BUA and DANGOTE will always vow to crash prices of their goods. But it's their trucks that keeps crashing and crushing Nigerians. 121 Likes 13 Shares |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by spafu(m): 5:47am On Oct 08, 2019 |
That will be nice 1 Like 1 Share |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by MayStudios: 5:48am On Oct 08, 2019 |
. |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by Nobody: 5:49am On Oct 08, 2019 |
Is that REVENGE ? 2 Likes 1 Share
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Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by Gidah: 5:49am On Oct 08, 2019 |
Patiently waiting for it cos so many family has migrated from rice that a de Rica cost 400 to spaghetti that cost just 200, and you would hear Shebi it's same starch and carbohydrates. 11 Likes 2 Shares |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by vincent10(m): 5:51am On Oct 08, 2019 |
This is a welcome development 2 Likes 1 Share |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by helinues: 5:51am On Oct 08, 2019 |
Good development only if they have Fg's backing. Dangote no dey joke oo 1 Like |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by relicng: 5:56am On Oct 08, 2019 |
Good move, it will also bring more employment |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by Hungryboy12: 6:00am On Oct 08, 2019 |
Let them please open the boarder those bastards don't know we're suffering 2 Likes |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by adecz: 6:01am On Oct 08, 2019 |
Buhari & his govt are not interested in any effort that brings down prices of foodstuffs . BUA better be ware!! 2 Likes
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Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by xaggar(m): 6:03am On Oct 08, 2019 |
Why did the closure of borders come after islamist have concluded their celebrations and some weeks to December when Southerners take holiday? I'm so sure the border will be reopened by late January. Just wait and see. 13 Likes 3 Shares |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by gaetano: 6:03am On Oct 08, 2019 |
Dangote will fight you people |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by larry90500(m): 6:04am On Oct 08, 2019 |
Enough of these theories. Please can you crash the price already and let's start seeing the practical thing? We need more actions now, rather than some abstract representations. 2 Likes 1 Share |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by Topmaike007(m): 6:07am On Oct 08, 2019 |
Thank God him and Dangote are aboki, if na southerner talk this one, Fg go just come shut down the company 8 Likes 1 Share |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by Sukueponmalu: 6:10am On Oct 08, 2019 |
NwaAmaikpe:How many members of your family have their truck crushed? 2 Likes |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by PureGoldh(m): 6:12am On Oct 08, 2019 |
Issoryt....but I don't think Alike Dangote will fold his hands and watch that happen. I vividly remember **IBETO cement ** better cement wey make sense was actually trashed out because of the amount of charges leveled against them by the Federal government... The people that have shares in Dangote **Dangote Group of company(ies) ain't small children even Obasanjo have share in the group. Well, I wish BUA all the Best of luck. Meanwhile... If You need Original Pure Unadulterated Honey.. Call or whatsapp me on 0 81016 66 771 1 Like |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by benuejosh: 6:15am On Oct 08, 2019 |
i perceive a fight between BUA and Dangote on the low. 1 Like 1 Share |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by princeade86(m): 6:18am On Oct 08, 2019 |
Sukueponmalu:u lack manner. so the people that dangote trailers are killing daily are not worthy to talk about? why are many youths so daft in dis country. and u expecting Nigeria to be better with someone like u. 26 Likes 1 Share |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by sylve11: 6:18am On Oct 08, 2019 |
benuejosh: no fight at all. |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by Nobody: 6:19am On Oct 08, 2019 |
It's still hot air until you put action to your words, as a Nigerian, we have heard too much lies in a lifetime. 7 Likes |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by mmsen: 6:21am On Oct 08, 2019 |
Just as useless as the political class. |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by SendAbroad: 6:22am On Oct 08, 2019 |
This is just propaganda... Otedola published the same "i will crash the price of cement" in the newspapers back in the days when he and Dangote were having quarrels but he never did anything of such. So, don't believe this Audio price crashing until they actually do it. 6 Likes 1 Share |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by Cregon: 6:25am On Oct 08, 2019 |
God bless you Nairalanders... May God cause you to favoured today. As you go out may men and women favour you. May God provide all the resources you need to live comfortably. May you health be made whole. May you receive a surprise financial favour today. Whatever you do today is blessed. God bless you today in Jesus name. Amen. 6 Likes 2 Shares |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by notoriousbabe: 6:26am On Oct 08, 2019 |
Mtheeeeeeeeeeeeeeeeeeeeeeeeeeeeeew |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by GreenArrow1(m): 6:28am On Oct 08, 2019 |
Nice one |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by Carsontyqa(m): 6:30am On Oct 08, 2019 |
princeade86:He lacks nothing..he simply put forward a question to someone that typed nonsense instead...and how does such a question relates to youths being daft? If you have a generational problem goan tackle it in your family meeting and stop disturbing us. 1 Like |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by jamesversion: 6:37am On Oct 08, 2019 |
About time. But in the meantime, the FG should do something about the hike in the price of rice. 1 Like 1 Share |
Re: BUA Group Vows To Crash Prices Flour, Sugar, Others by yomalex(m): 6:47am On Oct 08, 2019 |
Alright. Be safe |
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