Rising Costs Force Bakeries to Close – Atiku

Atiku Abubakar, the 2027 presidential candidate of the African Democratic Congress (ADC), has said nearly 40 per cent of members of the Premium Breadmakers Association of Nigeria have left the association in two years, attributing the decline to rising energy prices, high borrowing costs and increasing production expenses.

Atiku, in a statement on Saturday by his Director of Strategic Communication, Phrank Shaibu, blamed the situation on the economic policies of President Bola Tinubu’s administration.

He said many bakeries had shut down, resulting in job losses and higher bread prices, adding that the rising cost of the staple food was placing further pressure on households.

Atiku also highlighted increases in cooking gas prices, which it said had reached ₦1,800 per kilogram in Abuja and ₦1,650 in parts of Lagos and Ogun states.

According to him, depot prices rose by 31.8 per cent in one month, from ₦1,100 to ₦1,450 per kilogram.

Atiku said energy expenses account for about half of bakery production costs. He cited the case of an operator whose monthly diesel bill reportedly increased from ₦9 million to ₦19 million.

He added that small bakeries could require between ₦40 million and ₦50 million to switch to alternative energy sources, while some businesses seeking loans faced interest rates of up to 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.

He also questioned the government’s borrowing, alleging that local businesses were struggling despite the accumulation of domestic and foreign loans.

“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,” he said.

Atiku said his proposed economic programme would prioritise local production across different sectors, rather than focusing only on crude oil refining.

“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.

He added that his Atiku Economic Recovery Plan was designed to address the concerns of farmers, manufacturers, bakers and other businesses involved in local production.

The ADC candidate called on the government to address rising energy costs and the limited availability of affordable financing, warning that continued pressure on businesses could lead to further closures, job losses and higher food prices.

Atiku made the remarks while in Bauchi as part of his campaign for an affordable cost of living.