Baking industry producing bread, is one of the major staple food in Nigeria is currently shutting down operation in some parts of the country following the high cost of essential ingredients including flour, sugar and other ingredients .
According to DAILY POST, it was said that some bakeries in the Federal Capital Territory had already shut down since May 2021 and resorted to other businesses following constant surge in bags of flour and sugar.
According to DAILY POST, it was observed that some bakeries in the Federal Capital Territory had already shut down since May 2021 and resorted to other businesses following constant surge in bags of flour and sugar.
According to DAILY POST, it was observed that some bakeries in the Federal Capital Territory had already shut down since May 2021 and resorted to other businesses following constant surge in bags of flour and sugar.
Similarly, a bag of sugar which was sold at the rate of N13,000 in late 2020 is currently sold for N25,000 and above in many parts of the country.
According to DAILY POST, Chief Executive Officer of a popular bakery in Delta State, Mandela Makinde said he has shut down his company till further notice, stressing that he had been running at a loss for the past seven months.
According to him, the price of flour increases on a weekly basis, stressing that he lost over N300,000 in September while trying to keep the business afloat.
He mentioned on alleged moves by some bakery owners in the state to resort to substandard way of producing breads by using harmful ingredients in a bid to continue the business.
Speaking with DAILY POST in Abuja, a bread consumer, Miss Jennifer lamented the level of hardship currently bedeviling the masses saying no food is presently affordable to the poor.
It’s has mentioned by DAILY POST that the development may worsen the economy as many employees of the bakeries shutting down across the country would be pushed to the streets as jobless people.
IFEOLUWA
AGBELUSI Reporting
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