Prices of Bread, Baked Items to Rise 50%—Bakers

Image

By Adedapo Adesanya

Nigerians should expect an increase of at least 50 per cent in the retail prices of bread and other baked products, the Association of Master Bakers and Caterers of Nigeria (AMBCN) has hinted.

According to Mr Raji Omotunde, the Chairman of the Lagos State chapter of AMBCN, the proposed increase is because of the inflated prices of baking ingredients at the market.

Mr Omotunde, speaking today, said from the several engagements members of the group had with flour millers, it was discovered one of the reasons for the hike in the ingredients was the scarcity of foreign exchange to procure materials for the milling process.

“Prices of all ingredients used for baking are too high, especially flour and sugar.

“Between March and September, there has been a monthly addition of N500 on a bag of flour and bakers have been bearing the additional cost.

“But as it is, baking bread and selling at the current price is no longer profitable.

“We have been appealing to the millers but they are groaning about the absence and increase in the price of foreign exchange.

“The only option we have now is to cry out so that government can come to our rescue,” he said.

This is coming a day after association alongside the Premium Breadmakers Association of Nigeria (PBAN) warned of the imminent price increase at a press conference that held in Lagos.

Mr Tosan Jemide, president of PBAN, said activities in the baking business had become dormant by reason of consistent rises in the prices of baking ingredients.

He stated that the prices of sugar, flour and other ingredients had soared over the last six months without a relative rise in the prices of bread by member bakeries.

“We have been busy helping them remain profitable while our businesses suffer, because we are more in tune with the purchasing power of the consumer and are deeply concerned about food security.

“PBAN and AMBCN shall no longer take a seat and watch such blatant increases in prices going forward. We shall react with equal price increases or stiff resistance,” he said.

He enjoined the government to intervene in rescuing the $621 million industry from collapse by supporting millers in accessing forex without difficulty.

Business Post understands that manufacturers spend around 38 per cent of their operating costs on providing alternative electricity alone as grid electricity becomes increasingly unreliable around the country.

Another complaint was that the wheat development programme initiated in 2012 was yet to yield results despite a 15 per cent development levy being paid.

The bakers’ unions recommended that the government review its foreign exchange policy by offering importers liberty to access forex as local wheat production could not meet increasing flour demand.

Share
More Stories
Image
30-December-2017

APC Group Begs Nigerians to Pray For Buhari’s Son

By Dipo Olowookere Nigerians have been urged to go on their knees and pray to offer prayers to God for the quick recovery of the son of President Muhammadu Buhari, Yusuf, who was involved in a motorbike accident in Abuja this week. In a statement issued on Friday night, the APC Youths Renaissance urged Christians in the country to use the last Sunday of the year (tomorrow) to pray for the President’s only son. The group commended Muslims across the country, who prayed for Yusuf’s during yesterday’s Juma’at prayer. “We commend our Muslim clerics who used the occasion of today’s

Image
02-October-2019

Elemelu, Uzoka, Others Barred from Trading UBA Shares

By Dipo Olowookere Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu; MD/CEO of UBA, Mr Kennedy Uzoka; and some other persons have been prohibited from trading shares of the financial institution from Wednesday, October 2, 2019 (today), Business Post reports. A notice from the lender said the affected can only resume transacting securities of the company 24 hours after the release of the firm’s unaudited accounts and financial statements for the third quarter ended September 30, 2019 to the Nigerian Stock Exchange (NSE). This action was taken to prevent these persons from either mopping up or offloading

Image
04-December-2022

Abuja-Kaduna Train Service to Resume Operations Monday

By Adedapo Adesanya Almost a month after the Nigeria Railway Corporation (NRC) announced the proposed resumption of the Abuja-Kaduna passenger train service, the facility will start running on Monday, December 5, 2022, with only two return services. The announcement by the Managing Director of the NRC, Mr Fidet Okhiria, said the first train would depart Rigasa train station in Kaduna State to Abuja by 8:00 in the morning while from Abuja, the first train will depart Idu train station to Kaduna State by 9:45 in the morning. The NRC management also revealed that as part of the new security measures,

Image
09-April-2018

Nigeria’s Foreign Reserves Now $47.4b—CBN Governor

By Dipo Olowookere Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has disclosed that the amount now in the nation’s foreign reserves has reached $47.4 billion. The apex bank chief made this disclosure on Monday at the 25th seminar for Business Editors and Financial Correspondents in Uyo, the Akwa Ibom State capital. According to him, the amount was what the reserves had as at April 5, 2017, which was last Thursday. This showed a 2.60 percent increase from the $46.2 billion in the external reserves as at March 31, 2018, according to Mr Emefiele. Speaking at the

Image
10-October-2016

Sokoto Flags Off Distribution Of Free Pre-Paid Meters

By Ebitonye Akpodigha The Sokoto State Government on Monday, October 10, 2016, commenced the distribution of free pre-paid metres to electricity consumers in the state. The ceremony was witnessed by the state Governor, Mr Aminu Tambuwal; and the Minister of Power, Works and Housing, Mr Babatunde Fashola. During the event, Mr Fashola expressed President Muhammadu Buhari’s administration’s commitment to solve the perennial power problem in Nigeria. On his part, Mr Tambuwal said his government would continue to support residents of the state and solicited for more of their supports. Also today, the Minister inspected ongoing works at the site of

Image
28-June-2023

Crude Oil Sinks on Plans for Further Interest Rate Hikes

By Adedapo Adesanya Crude oil witnessed over 2 per cent drop on Tuesday on signals that central banks may not be done with interest rate hikes. It was observed that Brent crude futures went down by $1.92 or 2.6 per cent to sell at $72.26 a barrel, while the US West Texas Intermediate (WTI) crude futures dropped $1.67 or 2.4 per cent to settle at $67.70 a barrel. The President of the European Central Bank (ECB), Ms Christine Lagarde, said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. The ECB

Image
01-December-2023

Alternative Bank Introduces AltInvest Digital Investment Platform

By Bliss Okperan A digital investment platform known as AltInvest has been introduced by a new kid in the banking industry in Nigeria, Alternative Bank. According to the non-interest lender, which commenced operations in October 2023, the new product empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility. At the unveiling of the innovative financial solution at the 44th Kano International Trade Fair, the company also launched another produced AltBiz, which it said caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability. “These

Image
07-April-2019

NCC Expresses Readiness for 70% Broadband Penetration

By Dipo Olowookere Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, has said the commission was ready to drive the process of attaining 70 percent broadband penetration in the next couple of years, if that is set as the new target by the Federal Government. Speaking while delivering a goodwill message at an investment summit of Kaduna State Government, KADINVEST 4.0, Prof Danbatta, expressed optimism about the commitment of the agency toward taking the broadband penetration to the next level. He said, “When I was appointed by President Muhammadu Buhari in 2015, broadband penetration was

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent