Atiku Laments High Costs of Production on Bakers, Says It Has Force 40% of Bread Makers Out of Business

Chuks Okocha reported from Abuja that Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), expressed concern over the high production costs faced by bakers in the country. According to Atiku, nearly 40% of members of the Premium Breadmakers Association of Nigeria were forced out of business within two years due to the increasing expenses of operating a bakery.

The ADC presidential campaign council's Director of Strategic Communication, Phrank Shaibu, issued a statement quoting Atiku's remarks. The statement highlighted the impact of rising energy prices, expensive loans, and other economic challenges on the bakery industry.

Atiku pointed out that the cost of cooking gas in Abuja had surged to ₦1,800 per kilogramme, while in parts of Lagos and Ogun states, it was as high as ₦1,650 per kilogramme. These escalating energy expenses have put additional strain on households and businesses, as one bakery operator's monthly diesel bill rose from ₦9 million to ₦19 million.

Furthermore, some businesses faced loan interest rates as high as 34%. Atiku emphasized that energy costs accounted for roughly half of the total production expenses in a bakery, and suggested that transitioning to alternative energy sources could require a significant investment of ₦40 million to ₦50 million for a small bakery operation.

The ADC candidate questioned the federal government's continued borrowing, asserting that despite the difficulties faced by local businesses, the administration had accumulated astronomical amounts of local and foreign loans. Atiku alleged that these loans were being misused for corrupt purposes, though he did not provide any evidence to support this claim.

He called for immediate action to lower energy costs and make financing more accessible to businesses, stating that his future administration would prioritize improving local production in various sectors of the economy, particularly farmers, manufacturers, and bakers.