Business
Bread Production: Bakers Demand Price Reduction On Flour And Other Ingredients
Published
5 months agoon
By
Ekwutos Blog
Bakers have called for a reduction in flour prices and urgent government intervention to address skyrocketing costs affecting their operations.
The Association of Master Bakers and Caterers of Nigeria has called on the Federal Government to intervene on the incessant increase in the prices of flour despite recent approval of duty-free importation waiver on wheat and maize.
The association therefore called on government to probe the activities of Flour Milling Association of Nigeria and sugar producers for causing the increases in the prices of bread.
The Chairman of the Association in Lagos State, Chief Matthew Ayoola and General Secretary, Abraham Alabi, who raised the observations during a press conference, proposed a reduction in the prices of wheat, flour and other ingredients used by bakers for smooth operation.
The event had as its theme, “Call For The Federal Government’s Urgent Intervention On The Incessant Increase Of Flour Prices Despite Recent Approval Of Duty-Free Importation Waiver On Wheat, Maize, Others.”
The text reads, “The record holds that Master Bakers and Caterers in Nigeria are the second largest employer of labour in Nigeria. This means that bakers’ shutdown of bakeries might pollute the society
“We sincerely appreciate the federal government of Nigeria upon the approval of a 150-day duty-free window to allow the importation of wheat, maize, and husked brown rice as part of measures to combat rising food inflation across the country effective August 1, 2024. However, the Nigeria Millers are yet to implement this on the price of their commodities.
“We are using this medium to call on the Federal Government to intervene in the operations of the Flour Milling Association of Nigeria (FMAN) as they are a major factor causing incessant increases in the price of wheat which falls to the high price of buying bread. It seems they intend to siphon money and milk the majority of Nigerians to live in abject poverty. Their current incessant increase of flour and sugar prices despite Government actions to ameliorate the cost of food items is a sabotage to the economy. The millers are taking advantage of government assistance to enrich themselves and make the good citizens starve.
“It’s imperative to note that in July the Federal Government of Nigeria announced the approval of a 150-day duty-free window to allow the importation of wheat, maize, and husked brown rice as part of measures to alleviate rising food inflation across the country. The government’s notable action should be to help bring down the prices of food items in the market, making some food items more accessible and affordable for the masses.
“However, our findings revealed some Millers chose to sell wheat to neighboring countries and some of them chose to ignore this waiver and instead continue to inflate the price of flour on a daily basis. This action has not only disregarded the Federal Government’s efforts to alleviate the suffering of Nigerians but also a severe blow to our industry. It’s a way of robbing innocent Nigerians. The millers did not consider our call for price reduction but rather advised us to inflate the price of bread more to inflict pain on the common man, which is an inhumane action to take.
“This constant increase in the price of flour by millers has made it impossible for Bakeries to operate and function smoothly which has also led to the shutdown of many bakeries and their staff being laid off. Lives are at stake when basic needs are scarce. Nigerians complain on a daily basis due to a lack of basic needs for survival and bread is one of them. The flour Millers are mounting pressure on human beings unnecessarily. Today, the price of flour has increased by 67,000 naira as against the last ten years’ price of 8,000.
“As flour is experiencing an increase so also are sugar, yeast, wheat, butter, nylon, and other ingredients needed, in fact, everything we use for production has increased. All the millers have declined our proposal for reduction of the cost of flour.
“We therefore call on the Federal Government to investigate the activities of the millers and sugar producers assess them and force them to do the needful because it seems they are more focused on making exorbitant and excess profits while they put the country at risk and chaos.
We appeal to the Ministry of Industry, trade, and Investment for urgent intervention in this matter.
“The smooth operations of bakers across the country are at risk due to the unjust practices of millers. Bakers need help to assist the masses cushion the effect of hunger in the land. Everything keeps increasing except workers’ income. Bread is common to Nigerians. It has an impact on both bakers and purchasers and there is a need for reduction of flour, wheat, and other materials. The inflating cost of bread saddens our hearts unfortunately the millers’ actions pose a greater challenge to us. For the public to experience adequate reduction of food items, the price of wheat must be reduced.
“Wheat is typically milled into flour which is then used to make a wide range of foods including bread, crumpets, muffins, noodles, pasta, biscuits, cakes, pastries, cereal bars, sweet and savory snack foods, crackers, crisp bread, sauces and confectionery (e.g. licorice).
“We request the Federal government to enforce the implementation of the waiver from the point of importation to the consumers for proper monitoring. The government should meet with the Millers on possible solutions to curb the incessant increase in the cost of flour and wheat. There should be a reduction in prices of wheat, flour, and other ingredients bakers use for smooth operations.
“We propose a reduced price range of between N30,000 and N40,000 per bag. To avoid a shutdown of bakers, the government’s 150-day duty-free window should reflect on the prices at which bakers purchase production commodities which would automatically reflect on the price at which Nigerians purchase breads and other consumables.
“We also demand a surplus in the distribution/accessibility of commodities to bakers. We also urged the Federal Government to take decisive actions to ensure that the waivers on wheat importations are enforced and that the millers comply with the intended purpose of reducing the cost of flour and wheat. The Federal government waiver should reflect the cost of food items bought.”
How much is better bread sold in your area?
Here’s N1,500 and above
Please leave a comment let’s talk about it.
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Lanre Shittu CNG buses take over as Nigeria airport Shuttle
Published
5 days agoon
January 6, 2025By
Ekwutos BlogThe federal government has commenced the deployment of locally assembled Lanre Shittu Motors’ brand of Compressed Natural Gas (CNG) buses for airport shuttle.
The first batch of the CNG-powered buses has been received at the Murtala Muhammed Airport, Lagos by officials of the Federal Airports Authority of Nigeria (FAAN), led by its Managing Director, Mrs Olubunmi Oluwaseun Kuku.
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Nigerian Fuel Prices on Track to Crash to N500 Per Litre in 2025
Published
1 week agoon
January 4, 2025By
Ekwutos BlogOil marketers and other petroleum industry experts have forecast a reduction in petrol prices in 2025 to as much as N500/litre The resumption of operations of the Port Harcourt and Warri refineries will drive this anticipated crash in price They highlighted that a steady supply of petroleum products would encourage competition, leading to further price reductions
Petroleum product marketers and other stakeholders in Nigeria have projected a significant reduction in petrol prices by 2025. They highlighted that petrol, currently priced between N900 and N950 per litre at many filling stations, could drop to as low as N500 per litre during the year.
According to industry experts, this anticipated decline is attributed to the strengthening of the downstream sector, driven by the federal government’s deregulation policy.
Other factors contributing to the expected price reduction include a stable foreign exchange rate, increased price competition, the Naira-for-crude initiative, and the expected operations of the Port Harcourt, Warri, and Dangote refineries.
Stakeholders also noted that if these refineries supply the domestic market and accept payments in naira, it would further drive down petrol prices. Marketers share why fuel prices may reduce further The national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ukadike Chinedu, described the upcoming operations of the Port Harcourt and Warri refineries as transformative for the downstream sector.
In an interview with Saturday Sun, he emphasised that these refineries would foster healthy price competition, a trend already becoming evident. He noted that both the Nigerian National Petroleum Company Ltd (NNPC) and Dangote have reduced petrol prices in recent weeks, highlighting the benefits of having multiple production sources rather than a monopoly. Ukadike expressed optimism that this development could drive petrol prices below N500 per litre by 2025 as more players enhance refining capacity. He also identified the federal government’s naira-for-crude policy as a critical factor in shaping petrol prices, predicting that it would curb inflation and ease pressure on foreign exchange.
The president of the Petroleum Products Retail Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed agreement with Ukadike’s views. He assured that the operational launch of the Port Harcourt and Warri refineries would result in more affordable fuel options for Nigerians.
Gillis-Harry emphasised that achieving lower petrol prices for consumers is a realistic prospect in 2025. Gillis-Harry said: ‘’As you can see, NNPC has reduced its ex-depot price from N1,045 per litre to N899 per litre for marketers, translating to N925 per litre at the pumps for the end users. This, I must say, is very commendable. These are not small drops, but massive drops from N1,045 to N899 ex- depot is a lot of drop.” He highlighted that a steady supply of petroleum products would encourage competition, leading to further price reductions in the coming year.
On his part, the publicity secretary of the Crude Oil Refiners Association of Nigeria (CORAN), Iche Idoko, stated that Nigerians would soon start experiencing the benefits of a deregulated market.
Idoko said: “Price drop is one of the characteristics of deregulation we had highlighted. As the industry settles in to the regime of full deregulation, we are bound to see competitions amongst players, which ultimately will benefit the consumers.”
He explained that competition would emerge in pricing, product quality, and credit facilities offered to bulk purchasers.
Marketers import 2.3bn litres of petrol In related news, Legit.ng reported that oil marketers have continued to import petrol into the country despite earlier agreements to patronise local refineries. Documents obtained from the Nigerian Ports Authority revealed that marketers have persisted in petrol importation. The data collected showed that imported petrol was docked at the Apapa Port, Tin Can Port and the Calabar Port.
Business
CBN: 1000 Exit Staff were voluntary – Cardoso
Published
1 week agoon
January 4, 2025By
Ekwutos Blog
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said the 1,000 staff who left the bank were not forced to leave.
Cardoso spoke on Friday at the resumed house of representatives investigative hearing on the disengagement of the 1,000 workers by CBN.
On December 4, 2024, the apex bank said its early exit package (EEP) was entirely voluntary and without any negative repercussions for eligible staff.
CBN’s statement followed reports that 1,000 staff were sacked from the apex bank.
Reacting to the development, the house of representatives asked the CBN to suspend the “planned” retirement of 1,000 staff.
The lower chamber had also set up an ad hoc committee to investigate the “process and legality” of the exercise.
However, on Friday at the resumption of the investigative hearing, the CBN governor said the 1,000 members of staff were not forced to quit.
Cardoso, who was represented by Bala Bello, CBN’s deputy director of corporate service, also said the early exit programme, the restructuring and reorganisation was to optimise the bank for enhanced efficiency.
“They are basically ways and means through which the performance of an organisation is optimised by putting, ensuring that round pegs are put in right holes,” Cardoso said.
“The manpower requirement of the bank is actually met.
“I’m very happy to mention, Mr. Chairman and members of the committee, that the early exit program of the central bank is 100 percent voluntary.
“I believe several organisations across the world, and even within this country, both in the private sector and the public sector, are undertaking similar exercises. So nobody has been asked to leave. With a lot of humility, I will tell you that this same program that is taking place is not at the instance of the bank.”
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