Economy
After slashing cement price, BUA ‘silently’ increase sugar, flour, pasta
After slashing cement price, BUA ‘silently’ increase sugar, flour, pasta
By Admin 9, 2023
Days after announcing the reduction of ex-factory price of cement, BUA Group has silently increased prices of foods, particularly a bag of sugar, a bag of flour and a carton of spaghetti, investigation has revealed.
The management of one of the giant cement coy in the country had on October 1 announced the reduction of ex-factory price of the product to N3,500 per bag.
But the announcement was greeted by public outrage as dealers were battling to enlighten the customers that the reduction in price affects only companies that supply the commodity directly from the factory.
However, investigation by this newspaper had revealed that BUA Foods had silently increased prices of its sugar, flour and pasta products.
Our reporter, who went round some shops at the popular Singer Market in Kano state, the biggest grocery market in Northern Nigeria, observed that price of a bag of sugar, flour and a carton of spaghetti had increased by N3,500, N2,000 and at least N1000 respectively.
Checks by this newspaper had shown that while the price of sugar was recently sold at N44,000 per bag, spaghetti N8,100 a carton, and a bag of flour at N32,500, the commodities are now being sold at N47,500, N9,000 and N34,500 respectively.
A dealer of BUA Foods in Kano told our reporter that the increase in prices of the commodities followed immediately after the company announced the reduction of its cement product.
According to the dealer, who preferred to remain anonymous as he was not authorized to speak, they observed the increase in the prices this week.
He confirmed that the price of a carton of IRS Spaghetti, a pasta product of the BUA Foods, is now N9,000 a carton at company price, while it was recently sold at N8,400 a carton, an indication that it could reach up to N10,000 at retail price.
He also said “We have observed the increase this week. Price of a bag of flour has now gone up to N34,500 as against the N31,000 to N32,000 sold last week. About N2,000 has been increased on a bag of flour and it is a company price.
” About sugar, there is no standard price but it is sold up to N48,000 now in the market. It was N44,500 to N45,000 per bag just last week. Somebody told me that he is selling it at N46,500 per bag.
“We have just received the increased from them this week. They normally communicate to use via phone. They will just send us messages if there is any development.
“I also want to tell you that all these prices are company prices,” he stressed.
Our investigation also revealed that price of the commodities had already gone up at retail outlets in the Kano city.
A grocery shop operator, Mustapha at Karkasara are of Tarauni Local Government area, informed our reporter that he sells a bag of 50kg sugar at N49,000 after he supplied it at N47,500 from the dealers.
Another shop operator, Ibrahim Musa in Fagge Local Government said he had observed increment in price of sugar, flour and IRS spaghetti.
According to him, he purchased a 50kg bag of sigar at N48,000, adding that he supplied a bag of flour at N33,000, while IRS spaghetti was N9,100.
He lamented that despite the increment, he is recording low market as according to him, it had taken him about two weeks to finish a bag of flour.
“You know there is no money in the hand of people. Before i purchased this flour, the one supplied last time took almost two weeks before it finished.
“We are recording low market. People are in poverty and the patronage is low. We just thank God and pray for His intervention,” Ibrahim said.
Customers also expressed displeasure over the recent increment of the BUA food products.
Amina Sani, one of the major customers that purchase bags of flour for baking Gurasa, a locally-made staple in Kano, lamented that the price of the product has kept rising anytime.
She said the price is rising day in day out from three years ago, recalling that the price had skyrocketed from just N5,500 per bag.
“Ironically, this price of BUA plower has skyrocketed just three years ago when a bag of flour was just N5,500. The price keep going higher
“I have now bought a bag of flour at N34,500. We therefore call on the BUA company to reduce the price of flour as we heard that he reduced the price of s bag of sugar,” Iyami appealed.
Efforts to reach BUA company proved abortive as a major dealer in the state, who was speaking on behalf of the company said he could no longer speak now.
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Small and Medium Enterprises (SMEs) in Kano have been urged to tap into Nigeria’s capital market as a strategic tool for wealth creation and business expansion.
Alhaji Umaru Kwairanga, Chairman of Nigerian Exchange Group (NGX), made the remarks in Kano on the sidelines of a stakeholders’ meeting themed ‘Unlocking Growth: Harnessing the Capital Market for SME Growth.’”
Kwairanga emphasised that access to capital market instruments could provide SMEs with the funding needed to scale operations and generate sustainable wealth.
The chairman noted that SMEs form the backbone of the Nigerian economy and have the potential to significantly contribute to national economic growth if properly supported.
He added that NGX has designed initiatives to make capital market participation more accessible to businesses across the country.
“Our aim is to engage prospective and listed companies in the NGX, helping them meet the necessary requirements to fully benefit from market opportunities.We want these SMEs to achieve great success, just like Dangote or BUA,” he said.
He highlighted the investment potential in the capital market, citing that last year, companies in the sector, particularly engineering firms, delivered returns exceeding 50 percent.
“Currently, our market has already returned over 30 percent, and we are confident of tripling last year’s performance,” he added.
Kwairanga also cited local success stories such as Jai’s Bank, a non-interest bank listed on the stock exchange. Its shares, initially priced at one unit, have risen to over ten units, illustrating the wealth creation potential of strategic investments.
Stressing the need to engage young people and women, Kwairanga said, “ 70 percent of our population is under 30. If we do not provide these opportunities, we risk producing untapped potential that could become a ‘time bomb’ for the future.” he explained.
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The Katsina State Statistician-General, Prof. Saifullahi Sani, has disbursed more than N20 million to students, Islamic preachers, and women groups in Matazu Local Government Area of the state.
Speaking during the event on Monday in Matazu, Sani said the gesture was part of his personal contribution toward supporting people in his constituency and improving their livelihood.
He explained that the assistance to more than 2,000 people was aimed at empowering the beneficiaries and easing economic hardship among vulnerable groups in the area.
According to the statistician-general, more than 114 students currently in second-class upper division across the local government area will receive N100,000 each as scholarships.
“The support will also be extended to members of the Gwagware Foundation media team, members of the All Progressives Congress (APC), as well as other vulnerable individuals within the community,” he said.
Sani called on the beneficiaries to make good use of the funds, assuring them of his continued commitment to supporting the less privileged and promoting initiatives that would enhance the development of the area.
He also commended Gov. Dikko Radda for encouraging individuals and organisations to support the poor and contribute to community development.
Earlier, the APC Chairman in Matazu local government area, Mansur Aliyu, noted that the financial assistance would enable beneficiaries to establish small-scale businesses and become self-reliant.
He further urged wealthy individuals and elected representatives from the area to support poor families financially and contribute toward the rapid development of the community.
One of the beneficiaries, Samaila Sani, commended Sani for the gesture and assured that the funds would be used judiciously.
Similarly, Hadiza Maikudi, who spoke on behalf of women organisations in the area, said the support would go a long way in alleviating the suffering of many women and their families.
NAN
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The Nigerian Export Promotion Council (NEPC) has launched a pivotal workshop aimed at enhancing the export competitiveness of Nigeria’s gemstone sector.
Speaking at the workshop on Tuesday in Kano, the Executive Director of NEPC, Mrs. Nonye Ayeni, emphasized the importance of transforming Nigeria’s gemstone industry.
“Countries that dominate the gemstone export market do so not because they mine the most, but because they add the most value,” she said,
Represented by the regional coordinator of the agency, Hajiya Amina Abdulmalik, stressed that gemstones in their raw form do not yield the same economic potential as polished, value-added products.
“Nigeria, blessed with a wealth of gemstones such as sapphire, tourmaline, emerald, topaz, garnet, and amethyst, boasts substantial deposits across various states, including Kano and its neighboring regions,” she explained.
Ayeni pointed out that a significant proportion of the country’s gemstones were exported in their rough, unprocessed state, limiting both foreign exchange earnings and job creation.
According to her, the practice, results in other countries capturing the economic value through processing and finishing.
She stressed that the workshop aligns with the NEPC’s strategic campaign, #DoubleYourExports, which calls for a transition from raw mineral exports to processed, certified, and globally competitive finished products.
“This is not just a technical exercise, but an economic strategy to elevate Nigeria’s position in the global gemstone market,” Ayeni said.
Ayeni also highlighted the importance of organized clusters and collaboration between miners, processors, exporters, and financial institutions.
“When miners operate informally and individually, value is lost. But when they work within organized clusters, skills improve, costs reduce, and standards strengthen,” she added.
The NEPC boss also affirmed the Council’s commitment to providing continuous support to the gemstone sector.
Hajiya Amina Abdulmalik, NEPC North-West Regional Coordinator, called for the transformation of Nigeria’s gemstone value chain to meet international standards.
She stressed the importance of miners and artisans acquiring skills to produce high-quality, market-ready gemstones.
Abdulmalik highlighted that the workshop supports NEPC’s mandate to promote non-oil exports and create sustainable livelihoods through value addition.
She said that the training would cover quality management, export documentation, and market access strategies to enhance global competitiveness.
Speaking also, Alhaji Hamza Safiyanu, Commissioner for the Ministry of Solid Minerals and Natural Resources, outlined key strategies for advancing the sector.
He stressed the ministry’s progress through data collection, stakeholder engagement, and policy development.
“We are now focusing on providing artisans miners with opportunities to market their products, a major achievement in our efforts,” he said,
Safiyanu emphasized the need for miners to understand global markets and their sector’s potential.
Speaking also, Alhaji Hamza Safiyanu, Commissioner for the Ministry of Solid Minerals and Natural Resources, outlined key strategies for achieving the sector’s goals.
According to him, the ministry has made significant progress through concerted efforts, including data collection and stakeholder engagement.
He highlighted the importance of policy development and collaborations in advancing the sector.
“We have moved to the next phase of development by involving miners, particularly artisanal miners.
“Our focus is now on creating opportunities for them to market their mined products. This marks a major achievement in our efforts,” he explained.
The commissioner also emphasized the need for artisanal miners to better understand global markets and the potential within their sector.
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