Business
BREAD: Real Reasons More Bakeries Are Shutting 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.
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.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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