BUA Group Chairman Abdul Samad Rabiu is concerned about the increasing prices of Cement and Sugar, two major commodities he is a major player in societynow.ng confirms.
A Bag of Cement ranges between N3,500 to N4,000 ( Three thousand and five hundred Naira to Four thousand Naira) while that of Sugar plays inside the expanding box of N14,000 to N15,000 ( Fourteen Thousand Naira to Fifteen Thousand Naira).
The Billionaire businessman at a recent media chat explains this shouldn’t be the case taking into consideration the cost and availability of local resources for production.
The king of commerce named the biggest gainer in the recently released Forbes Richest People in Africa disclosed that soaring prices of the commodities have to do with issues of demand and supply.
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“The demands are more than supplies and this automatically pushes up the prices, especially when there is a further strain with a shortfall in available stocks when any of the producers run into production hitches” the large-hearted Nigerian who has been at the forefront of the fight against Covid-19 with massive donations – money and materials – to Federal Government and States Governments all over the country explained.
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The economic force that is unlocking business opportunities in Nigeria – and Africa – and makes it a point of duty to impact the lives of host communities offered solutions by pointing out ways for supplies to meet demands and bring about more affordable prices for consumers.
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The solutions are that more players need to be encouraged to venture into Cement and Sugar productions to boost supplies and current players work on increasing capacities to be able to ease the tension of the scramble for the products forcing up the price societynow.ng gleaned from the unusual entrepreneur’s summation.
Findings by societynow.ng, however, revealed that while increasing capacities by Sugar and Cement’s producers are within their control, encouraging more hands to come in and boost supply is a matter of government regulation.
The investigation by societynow.ng revealed that there is a government policy, traced to the administration of former President Olusegun Obasanjo, that “discourages” open participation by investors in these vital sectors that affect the daily living of Nigerians.
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