Economy

Bread Producers to Commence Strike on July 13, 2022

The persistent increase in the price of bakery materials and the Federal Government’s nonchalant attitude towards the situation has forced bread producers across the country to announce a nationwide strike starting on July 13, 2022.

The Association of Master Bakers and Caterers of Nigeria disclosed in a communiqué issued on Friday and obtained by Investors King.

According to the Association, prices of sugar, flour and other production inputs used in the bakery business had increased beyond the reach of many producers.

This is not surprising given Nigeria’s latest consumer price index report released by the National Bureau of Statistics (NBS). The report showed inflation grew at 17.71% in the month of May, the fastest rate of increase in 11 months.

In the report, the NBS attributed the increase in the headline inflation to jump in the prices of bread and cereals, food products, etc.

In the communiqué signed by Mansur Umar, National President and other executives, the association said its National Executive Council (NEC) reviewed the “neglect of the Federal Government in addressing the challenges facing our sector as captured in our letters acknowledged by the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Finance, Central Bank of Nigeria and unproductive intervention of the Secretary to the Government of the Federation.

“Increase in prices of bakery materials especially flour and sugar having reached unprecedented levels, for example, flour is now between N25,000 and N27,500, so also other ingredients.

“The National Wheat Cultivation Committee already constituted is yet to be inaugurated after over one year. NAFDAC, SON, NESREA have turned the bakers into money making machine by charging our members outrageous levies even at this very challenging moment.

“Consequently, the NEC in session resolved that all zones, state, Local Governments and units of our association should commence full mobilisation of our members nationwide to embark on withdrawal of services starting from Wednesday July 13, 2022 for an initial period of two weeks.”

The association, however, urged its “members should await further directives.”

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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