Nearly 40 per cent of the members of the Premium Breadmakers Association of Nigeria have left the business in two years, a loss former Vice President Atiku Abubakar has linked to soaring energy costs, high interest rates and rising production expenses under the Tinubu administration.
Atiku said this in a statement on Saturday by Phrank Shaibu, his Director of Strategic Communication of the ADC Presidential Campaign Council and Senior Special Assistant on Public Communication.
He said he was in Bauchi to continue his affordable life campaign and to sympathise with Nigerians bearing the cost of the administration’s policies.
According to him, the collapse of so many bakeries shows the human and business toll of a high-cost economy in which businesses are shutting down and Nigerians are paying more for basic food.
He said many bakeries have closed, jobs have been lost and the price of bread has risen sharply, making it harder for families that depend on the staple to feed their households.
The pressure extends beyond bakeries. Cooking gas now sells for as much as ₦1,800 per kilogram in Abuja and ₦1,650 in parts of Lagos and Ogun. Depot prices reportedly rose by 31.8 per cent in one month, from ₦1,100 to ₦1,450 per kilogram.
Bakers say energy accounts for about half of their production costs. One operator’s monthly diesel bill reportedly rose from ₦9 million to ₦19 million.
A small bakery may need ₦40 million to ₦50 million to switch to alternative energy, while businesses seeking loans are being quoted interest rates as high as 34 per cent.
“From farmers to manufacturers and now bakers, the verdict on Tinubu’s economic reforms cannot be clearer: they have been a monumental failure,” Atiku said.
“The irony is that while the economy is falling under Bola Tinubu’s watch, his government has accumulated local and foreign loans in astronomical figures. If local businesses are dying while the government continues to borrow, Nigerians are entitled to ask where these loans are going. One is forced to conclude that they are feeding the corruption in Tinubu’s government.
“The major policy plank of my administration will be to improve local production in every sphere of the economy, not just crude oil refining.
“To farmers, manufacturers, bakers and everyone involved in local production: the Atiku Economic Recovery Plan understands your pains, and your concerns are captured in my policy objectives.”
The former Vice President said the Federal Government must urgently address the energy costs and lack of affordable financing driving productive businesses out of operation.
He warned that as bakeries close and production costs rise, workers lose their jobs and ordinary Nigerians face even higher prices for basic food.
He reaffirmed his commitment to building an economy that supports local production, protects jobs and makes life affordable for Nigerian families.
