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BREAD: Real Reasons More Bakeries Are Shutting Down

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BREAD: Real Reasons More Bakeries Are Shuting Down

BREAD: Real Reasons More Bakeries Are Shutting Down

 

 

 

Bread, a favorite Nigerian fathers’ welcome home gift for their children, is disappearing in homes.

 

Most households have now jettisoned the pastry from their diet lists, as the prices of flour and other ingredients for making bread have continued to increase, leaving bread prices on the high side.

 

 

BREAD: Real Reasons More Bakeries Are Shuting Down

 

The bakery owners are not left out of this dilemma, as they struggle between the increased prices of ingredients, and how to still be in the business to satisfy their customers.

To worsen the situation, many bakery owners are shutting down, due to their inability to meet up with increasing cost of ingredients.

Several increases have been done in the prices of bread since the Russian-Ukraine war, which has resulted in unavailability of enough flour all around the world.

Gone are the days when you will visit a baker and you go home with a loaf of bread. Now, even the workers in bakeries have to pay to have a loaf.

Speaking to Economy&Lifestyle, Mr. Abayomi Olorunfemi, a baker noted that apart from shutting down business, some bakery owners are reducing the sizes and increasing the prices of bread to make ends meet.

“This country’s economy is really dealing with businesses.

“It has turned smart business men into people who aren’t smart anymore.

“Many of my colleagues in the business are shutting down. Those who have three to four bakeries now have two.

 

“Some are now reducing the size of their bread and increasing the prices.

 

 

 

“This year, bakers have increased the prices of bread over three times.

“It is very traumatic because customers no longer patronize bread due to the increased prices and small quantity and lessened quality.”

Mrs. Are Toluwalase, a business woman, said she had to stop buying bread when the price of a family size bread was increased to N1,200 from N1,100.

“I stopped buying bread when the price of a family size bread was increased to N1,200 from N1,100 two months ago.

 

“The quantity is nothing to write home about. With two cuttings, a family size bread is finished.

“Before you get such bread for N500. I have a family of six.

“Having bread and tea as breakfast requires that I purchase three loaves of bread at N3,600 which was N1,500 then.

” We had to switch to oats, yam and egg and other light food for breakfast to cut costs.”

Mr. Aderotimi Samuel, a bakery owner, said he has two bakeries in Ikorodu but recently shut down one to be able to meet the cost of maintenance.

 

 

“I have two bakeries in Ikorodu which I have been running for over six years now.

“But the cost of maintenance coupled with the increased prices of flour and other ingredients is disrupting the business.

“I just shut down one few weeks back to be able to run the other.

“Even the wheat millers are complaining about the high cost of diesel and logistics which has also resulted in the increase in flour price.

“We also have people working for us. I had to lay off some staff and retain the hard working ones.

 

“Many of my colleagues are doing same to keep being in the business.

“It is not easy anymore. People are now going for cheap alternatives and abandoning bread.

“Those we are selling in retail prices to are also complaining of low patronage.

“Before we sell up to three bags of flour-made bread but now we hardly sell one and a half bags.

“God help us in this country.”

 

 

Mrs Janet Omoh, a flour and baking ingredients seller at Akpogbon said:” The cost of flour is increasing daily just like every other thing in the country.

“I am selling it to keep being in business as there are no high proceeds in this business that can even sustain you, not to talk of your family.

“Butter, yeast, baking pan is not left out.

“Before, a 50kg bag of flour was sold for N20,000.

Now the price is N38,000 to N40,000. imagine the wide margin.

 

 

 

“Then the price of 15kg margarine has risen to N45,000 from N28,000.

“Sugar, salt, yeast and other baking ingredients are not left out.”

Business

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

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UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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