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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

President Nguema of Gabon invites Dangote to invest in Cement, Fertilser production in country

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President Nguema of Gabon invites Dangote to invest in Cement, Fertilser production in country

President Nguema of Gabon invites Dangote to invest in Cement, Fertilizer production in country

 

President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon. The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer sectors, specifically urea and phosphate production.

 

 

President Nguema of Gabon invites Dangote to invest in Cement, Fertilser production in country

During the visit, Dangote engaged in discussions with President Nguema and other top government officials. The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants, which are vital for the country’s infrastructure development and agricultural productivity.

President Nguema expressed enthusiasm about the potential partnership, highlighting Gabon’s commitment to creating a conducive environment for foreign investments. He noted that the collaboration with Dangote Industries would bring significant benefits, including job creation, technology transfer, and enhanced industrial capacity.

Dangote, renowned for his successful business ventures across Africa, underscored his company’s dedication to fostering economic development in the continent. He emphasized that investing in Gabon’s cement and fertilizer sectors aligns with Dangote Industries’ strategic vision of expanding its footprint and supporting sustainable development across Africa.

“We are excited about the opportunity to invest in Gabon. Our goal is to contribute to the country’s economic diversification and industrialization efforts. By leveraging our expertise in cement and fertilizer production, we aim to support Gabon’s infrastructure and agricultural sectors,” Dangote stated.

The visit marks a significant step towards strengthening economic ties between Nigeria and Gabon. As Dangote Industries continues to explore and finalize investment opportunities, both nations anticipate mutual benefits that will drive economic progress and regional integration.

The potential investment by Dangote Industries in Gabon is expected to bolster the country’s industrial landscape, ensuring a steady supply of essential materials for construction and agriculture. This development aligns with President Nguema’s vision of transforming Gabon into a diversified and self-sustaining economy.

In the coming months, further discussions and assessments will be conducted to finalize the investment plans. The collaboration between Dangote Industries and the Gabonese government holds promise for a robust partnership that will significantly impact Gabon’s economic landscape.

 

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Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

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Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

In spite of the challenging economic conditions and their adverse effects on businesses nationwide, Nigeria’s commercial banking, insurance, and telecommunications sectors have consistently maintained robust media relations, marketing strategies, and public awareness initiatives. Their success has been bolstered by the impressive data shared with the media in the second quarter, which has helped sustain positive public perception and confidence in these industries. An independent analysis of the media performance and prominence of the CEOs of Nigerian Commercial Banks, Insurance Companies and Telecommunication Providers for the second quarter was conducted by the leading Media Intelligence and Public relations audit agency, P+ Measurement Services. 

Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

This media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata was extracted, including the sentiment of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.

Through detailed media data gathering, analysis, and audit of salient valid PR metrics of 27 Commercial Banks, top 10 leading Insurance companies, and top 4 Telecommunications Providers. The reports ranked the top CEOs (Commercial Banks, Telecommunication, and Insurance) prominent in the Online and Print media.


According to the analysis, Yemisi Edun of First City Monument Bank (FCMB), led the leaderboard with a 23% share of media coverage, indicating a strong media presence and influence in the banking sector. Closely behind were Oliver Alawuba of United Bank for Africa (UBA) with 22% and Nneka Onyeali-Ikpe of Fidelity Bank capturing 22% of media coverage, demonstrating significant visibility and engagement within the industry. Moruf Oseni of Wema Bank came in next with 18% and Wole Adeniyi of Stanbic IBTC Bank rounded out the chart with 16%, showing a notable but comparatively lower media presence. This distribution of media coverage highlights the competitive landscape and varying levels of media engagement among top banking executives.

In the insurance sector, the media performance audit report revealed that Akinjide Orimolade of Stanbic IBTC Insurance Limited had the most media exposure at 73%. Lesi Gboyega of Leadway Assurance with 15% and Kunle Ahmed of AXA Mansard Insurance followed closely with 9%. Eddie Efekoha of Consolidated Hallmark Insurance with 2% and Andrew Ikehua of NEM Insurance with 1% media exposure. This distribution highlights a competitive media landscape among insurance executives, with varying levels of visibility and engagement reflecting their influence and presence in the sector. Comparing both sectors, it is evident that top executives in banking and insurance are actively working to maintain significant media profiles to enhance their brands’ visibility and market influence.

In the telecommunications sector, Karl Toriola of MTN Nigeria led the media performance with 67% share of media coverage, highlighting MTN’s dominant presence and influence in the industry. Carl Cruz of Airtel Nigeria followed with 31%, indicating substantial visibility and engagement. In contrast, Mike Adenuga of Globacom had lower exposure, with only 2% media coverage.

This distribution underscores the disparity in media engagement among telecommunications executives, with MTN and Airtel maintaining strong media profiles. Comparing the telecommunications sector to the banking and insurance sectors reveals that media coverage is highly concentrated among a few key players, highlighting the varying strategies and successes in maintaining media presence across different industries.

Overall, the analysis reveals significant disparities in media engagement across the banking, insurance, and telecommunications sectors. Key executives like Yemisi Edun, Akinjide Orimolade, and Karl Toriola have successfully maintained strong media profiles, highlighting their influence within their respective industries. This highlights the importance of strategic media engagement for maintaining visibility and influence in a competitive landscape.

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UN, Columbia University, New York To Headline ASIS 2024

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UN, Columbia University, New York To Headline ASIS 2024

 

UN, Columbia University, New York To Headline ASIS 2024

 

 

The Africa Social Impact Summit (ASIS) 2024 is set to be an extraordinary gathering of influential leaders, Amina Mohammed, Deputy Secretary General of the United Nations, and Jeffrey Sachs, of the world-acclaimed Columbia University, New York, are set to headline the event.

 

 

UN, Columbia University, New York To Headline ASIS 2024

The summit, co-convened by the Sterling One Foundation and the United Nations, is scheduled for July 25th and 26th at the Eko Convention Centre, Lagos. It promises to be a pivotal platform for addressing Africa’s critical social and economic challenges under the theme “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa.”

Jeffrey Sachs, renowned economist and director of the Center for Sustainable Development at Columbia University, is known for his extensive work in global economic development and poverty alleviation. His expertise in sustainable development will provide a vital framework for the summit’s discussions on creating economic opportunities and reducing inequalities.

Amina Mohammed, Deputy Secretary-General of the United Nations, has a rich history of leadership in international development and environmental sustainability. Her participation is expected to drive crucial conversations on achieving the Sustainable Development Goals (SDGs) across Africa, focusing on inclusive growth and environmental stewardship.

Abubakar Suleiman, CEO of Sterling Bank, is celebrated for his innovative approaches to banking and his strong commitment to corporate social responsibility. His insights into sustainable business practices and economic development will be instrumental in shaping the summit’s agenda.

Olapeju Ibekwe, CEO of the Sterling One Foundation, expressed her excitement for the event: “ASIS 2024 represents a unique opportunity for global leaders and innovators to converge and create sustainable solutions for Africa’s most pressing challenges. We are honored to have such distinguished speakers and partners joining us in this transformative journey.”

ASIS 2024 will bring together leaders from the private sector, public sector, tech ecosystem, non-profit organizations, and government to collaborate on initiatives that drive social impact. The summit will focus on key areas such as universal health access, education, equality, food security, and climate action.

Interested participants can register for the summit at  www.theimpactsummit.org.

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