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

Chuks Okocha in Abuja The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has said nearly 40 per cent of members of the Premium Breadmakers Association of Nigeria were forced out of business within two years, due to the high cost of doing business.Atiku said the situation reflected the pressure of rising energy prices, expensive loans and other economic challenges on bakeries, warning that more businesses could shut down if urgent measures were not taken. He made the remarks in a statement issued yesterday by the Director of Strategic Communication of the ADC Presidential Campaign Council, Phrank Shaibu.According to the statement, cooking gas now sells for as much as ₦1,800 per kilogramme in Abuja and ₦1,650 in parts of Lagos and Ogun states, further increasing the burden on households and businesses. The statement also cited rising energy expenses among bakers, saying one operator’s monthly diesel bill had increased from ₦9million to ₦19million, while some businesses faced loan interest rates of up to 34 per cent.Atiku said energy costs accounted for about half of bakery production expenses, adding that switching to alternative energy sources could require between ₦40million and ₦50million for a small bakery.“From farmers to manufacturers and now bakers, the verdict on Tinubu’s economic reforms cannot be clearer: They have been a monumental failure,” he said. He also questioned the federal government’s borrowing despite the reported difficulties facing local businesses.“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,” Atiku said.He further alleged that the loans were benefiting corruption in the administration, although he provided no evidence for the allegation in the statement. The former vice-president called for urgent intervention to reduce energy costs and make financing more accessible to businesses.“The major policy plank of my administration will be to improve local production in every sphere of the economy, not just crude oil refining,” he said.Atiku added that his proposed economic recovery plan would prioritise farmers, manufacturers, bakers and other businesses involved in local production.