Connect with us

Business

Master Bakers Association Announces 15% Bread Price Hike

Owing to a deepening crisis caused by rising ingredient costs, the association has decided to implement a significant 15% price increase on bread nationwide.

Published

on

bread

The Association of Master Bakers and Caterers of Nigeria (AMBCON) has made a distressing announcement. Owing to a deepening crisis caused by rising ingredient costs, the association has decided to implement a significant 15% price increase on bread nationwide.

This measure, which will take effect from Monday, July 24, underscores the urgent need for attention and intervention to save an industry on the brink.

AMBCON’s decision was reached during a virtual meeting held on Tuesday, where members unanimously agreed that the current economic realities were taking a devastating toll on bakers’ production costs.

The association highlighted the substantial increases in the prices of crucial ingredients, such as flour, sugar, yeast, as well as escalating fuel expenses.

According to a joint statement signed by Mansur Umar, the national president, and Jude Okafor, the national secretary of AMBCON, the additional costs on essential inputs have become unbearable for bakers across the country.

Truckloads of flour are now burdened with an extra N1.2 million due to a staggering increase of N2,000 per bag. Similarly, sugar costs have surged by N3.6 million per truck, amounting to N6,000 per bag. Yeast has not been spared either, with an additional N2,000 per carton adding to the financial strain.

Fuel prices have skyrocketed, with gasoline rising from N205 to N550, and diesel reaching N650 to N700, depending on the region.

AMBCON emphasized that this decision was not taken lightly. Despite the impending financial burden on consumers, the association emphasized its commitment to adhering to the quality and safety standards set by the National Agency for Food and Drug Administration and Control (NAFDAC).

They made it clear that compromising the health and well-being of fellow countrymen and women was not an option, even if it meant facing financial losses.

However, this price increase is intended to be an interim measure, as the association called on the government to intervene urgently and prevent the imminent collapse of the baking industry. AMBCON recognizes that the soaring costs of production threaten not only the survival of individual bakeries but also the availability of affordable bread for Nigerians.

Expressing gratitude for the understanding and cooperation of the Nigerian people, AMBCON assured consumers that if significant government interventions were put in place, they would review and possibly revert the bread prices.

The association firmly believes that without immediate action, the industry’s future remains uncertain, and access to staple baked goods may become increasingly unaffordable.

As bakers across the nation brace themselves for the upcoming price surge, it is clear that the baking industry is facing an unprecedented crisis. The announcement made by the Master Bakers Association serves as a wake-up call for stakeholders, urging them to address the underlying issues that have driven costs to such unsustainable heights.

Only with prompt intervention can the baking industry be saved from collapse, ensuring that Nigerians can continue to enjoy the essential and cherished tradition of freshly baked bread.

Continue Reading
Comments

Company News

Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

Published

on

Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

Continue Reading

Company News

IOCs Accused of Blocking Direct Crude Sales to Dangote Refinery

Published

on

Dangote Refinery

Dangote Industries Limited (DIL) has accused International Oil Companies (IOCs) of obstructing direct crude oil sales to its refinery and forcing the company to use costly middlemen.

This development comes after a statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggested a “willing buyer-willing seller” dynamic was in place as mandated by the Petroleum Industry Act (PIA).

Devakumar Edwin, Vice President of DIL, countered NUPRC CEO Gbenga Komolafe’s claims, stating that IOCs consistently make it difficult for local refiners by pushing sales through international trading arms, which inflate prices and bypass Nigerian laws.

“These middlemen earn unjustified margins on crude produced and consumed within Nigeria,” Edwin stated.

He noted that only one local producer, Sapetro, has sold directly to DIL, while others insist on using trading arms abroad.

Edwin detailed the financial impact, citing instances where DIL was charged a $2-$4 premium per barrel above the official price.

In April, DIL paid $96.23 per barrel for Bonga crude, which included significant premiums, compared to a much lower premium for West Texas Intermediate (WTI) crude.

While acknowledging NUPRC’s support in resolving some supply issues, Edwin urged the regulatory body to revisit pricing policies to ensure fair market practices.

“Market liquidity is essential for fair pricing. We hope NUPRC addresses these issues to prevent price gouging,” he stated.

This dispute highlights ongoing challenges in Nigeria’s oil sector, where domestic refiners struggle to secure local crude amidst complex market dynamics.

The outcome of these negotiations could significantly impact the refinery’s operations and broader industry practices.

The situation underscores the need for transparent and efficient crude supply systems to bolster Nigeria’s refining capacity and economic growth.

Continue Reading

Company News

Dangote’s $20 Billion Refinery to Begin Petrol Sales Next Month

Published

on

Petrol - Investors King

Aliko Dangote announced on Monday that his long-awaited $20 billion refinery complex will commence petrol sales starting next month.

The announcement came during a press briefing held at the refinery site in Lagos, where Aliko Dangote, Africa’s richest man, detailed the project’s progress and future plans.

“We are proud to announce that the Dangote Refinery will begin selling petrol from August,” Dangote stated confidently.

“This milestone marks the culmination of years of meticulous planning, construction, and overcoming numerous challenges.”

Dangote’s refinery, touted as the largest single-train refinery in the world, is designed to process 650,000 barrels of crude oil per day once fully operational.

The facility aims to not only meet Nigeria’s domestic demand for refined petroleum products but also contribute significantly to export markets across West Africa.

“We have entered the steady-state production phase earlier this year, and now we are ready to begin commercial sales,” Dangote explained. “Initially, we will focus on petrol production, with plans to expand our product range as we ramp up to full capacity.”

The refinery’s launch is expected to alleviate Nigeria’s longstanding dependence on imported refined products, thereby boosting the country’s energy security and reducing foreign exchange outflows associated with fuel imports.

Beyond petrol sales, Dangote revealed ambitious plans to list both the refinery and its associated fertilizer plant on the Nigerian Exchange Group (NGX) by the first quarter of 2025.

This move aims to attract broader investor participation and unlock additional value for shareholders.

“We are committed to transparency and accountability in our operations,” Dangote emphasized. “Listing these subsidiaries on the NGX will not only strengthen our corporate governance framework but also enhance the refinery’s financial sustainability.”

Challenges and Future Prospects

Despite celebrating the imminent commencement of petrol sales, Dangote acknowledged challenges encountered during the project’s execution, including delays in securing land for a petrochemical facility in Ogun State, which incurred substantial costs.

“We faced bureaucratic hurdles that resulted in significant delays and financial losses,” Dangote lamented. “Nevertheless, we remain steadfast in our commitment to advancing Nigeria’s industrial capabilities and contributing to economic growth.”

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending