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Starvation Looms As Baking Industry Moves To Shut Down Over High Cost Of Production

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Baking industry producing bread, a major staple food in Nigeria is currently shutting down operation in some parts of the country following the high cost of essential ingredients including flour, sugar and other items.

According to DAILY POST, some bakeries in the Federal Capital Territory had already shut down since May 2021 and resorted to other businesses following constant surge in bags of flour and sugar.

Price of bread in some parts of the country had previously witnessed increments despite decrease in quality and quantity by bakers who complained of running at losses due to the surge in materials.

A loaf hitherto sold at N400 is currently been marketed between N600 and N700, worsening the hardship imposed on Nigerians following the economic and security crisis bedeviling the entire nation at the moment.

DAILY POST’s finding also reveals that a bag of flour which was sold between N11,000 to N12,000 in January this year, has skyrocketed to N23,000 and above triggering the decision of the bakers to suspend operations pending when normalcy returns.

Similarly, a bag of sugar which was sold at the rate of N13,000 in late 2020 is currently sold for N25,000 and above in many parts of the country.

Speaking with DAILY POST, Chief Executive Officer of a popular bakery in Delta State, Mandela Makinde said he has shut down his company till further notice, stressing that he had been running at a loss for the past seven months.

According to him, the price of flour increases on a weekly basis, stressing that he lost over N300,000 in September while trying to keep the business afloat.

He hinted on alleged moves by some bakery owners in the state to resort to substandard way of producing breads by using harmful ingredients in a bid to continue the business.

According to him, “We have basically ran at a loss for the past 7 months, been keeping it open with personal funds just so my workers would have a job while I thought there would be change, but at this moment we have no other choice than to shut down.

“I am currently at the bakery and nothing is going on. We have suspended all activities here pending when the price of flour reduces.

“The price of flour and other ingredients have consistently continued to rise since the beginning of this year. As a CEO, I don’t have a single flour now because the last time I went to the market, the price they gave me was too high and I couldn’t afford it.

Asked if there is a plan to further increase the price of bread, he said “it is an individual business, so you cannot actually fix the price of bread because it is a competitive market. If your price is higher than every other person’s own, customers will go for the cheaper ones.

Speaking on reasons for the constant increments, the CEO said “since wheat importers started to source their Fx from the black market, the price of flour has continued to rise”.

He called on the National Agency for Food and Drug Administration and Control (NAFDAC) to investigate some bakeries, alleging that some of them use ‘Bromate and Sacarine’, products considered to be harmful to health.

“Many have played with volume in order to keep the price steady, some are beginning to add dangerous items such as ‘Bromate and Sacarine’ to keep their prices low”.

Similarly, Mr Adebayo Ayomide, a bakery owner in Bwari Area Council, FTC Abuja told DAILY POST that he has converted the bakery to a mini poultry due to the constant surge in price of flour.

He said, “Before I shut down the bakery recently, I was already indebted. What I usually do was to go to the market and get the flour from the seller then pay him after selling the bread but unfortunately, I was no longer making even the capital not to talk of profit. I had to stop and look for alternative.

“The country is so hard right now that relatively, nothing is working. Even this poultry, the chicken feed is very expensive and that is why you see that the price of egg is always increasing”.

Speaking with DAILY POST in Abuja, a bread consumer, Miss Jennifer lamented the level of hardship currently bedeviling the masses saying no food is presently affordable to the poor.

“Gone are the days when some food items like garri, bread were seen as poor man’s food. Now, both the rich and the poor are struggling for the items.

“The money is not there, common bread that you can just eat with soft drinks to quench hunger is no longer there, garri is not affordable, rice is never a poor man’s food so what do we do?

“The moment you begin to think that things will get better, you will just hear something worse. How did we get here? And the major problem in this country is that nothing goes up and comes down.

DAILY POST reports that the development may worsen the economy as many employees of the bakeries shutting down across the country would be pushed to the streets as jobless people.

 

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Dollar To Naira Exchange Rate Today 19 October 2021 (Black Market Rate)

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Dollar to Naira exchange rate today 19 October 2021, black market rate can be accessed below.

JomogNews Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

October 19 dollar to naira official exchange rate: $1 dollar to naira = Not published due to Eid-el Maulud celebration

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N….. per dollar on Tuesday, 19 October 2021, after it closed at N414.73 per $1 on Monday, 18 October 2021. This represents a change of -0.08%.

How much is exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

LAGOS PARALLEL MARKET RATES October 19, 2021 (BLACK MARKET): dollar to naira exchange rate today black market

October 19 dollar to naira black market exchange rate: $1 dollar to naira = N570

The local currency opened at N570.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 19 October 2021, in Lagos Nigeria after it closed N572.00 per $1 on Monday, 18 October 2021. This represents a change of $2 from the previous day. This means dollar to naira changed its position from the previous day.

Note: dollar to naira exchange rate has stabilized at N570-575 per $1 since Monday, October 11.

Even though the dollar to naira opened in the parallel market at ₦570 per $1 today, JomogNews Nigeria reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

JomogNews Nigeria reports that the black market, the players buy a dollar for N560 and sell for N570 on Tuesday morning, October 19, 2021 after they bought N568 and sold N572 the previous day. This means dollar to naira changed its position from the previous day.

Meanwhile, JomogNews Nigeria reports that the USD started this week at ₦572 in Parallel Market also known as Black Market on Monday, October 18, 2021 in Lagos Nigeria after it opened N575 last week Monday, October 11, 2021.

Disclaimer: JOMOGNEWS NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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Heritage Bank blazes the trail by winning multiple awards

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Heritage Bank blazes the trail by winning multiple awards

Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider emerged winner in several categories at the 2021 Human Resource (HR) People Magazine Awards and at the Finance Correspondents Association of Nigeria’s (FICAN) 30th-Anniversary Conference and Awards.

The bank carted away five coveted awards- HR Champion Award (for MD/CEO, COO), Most Outstanding Engagement Strategy for over 1000 Employees and the HR Leader Award (for Heads of HR).

Others which were awarded by the largest body of financial journalists in Africa, FICAN to Heritage Bank are the duo Platinum Awards presented to the MD/CEO, Ifie Sekibo and Heritage Bank for Outstanding Support towards FICAN and Financial Reporting, respectively.

The bank won the prestigious awards in recognition of the leadership of Heritage Bank in Human Capital Development (HCM) for putting employees first and ensuring that its people management & engagement strategies are second to none, and in celebration of its MD/CEO, Sekibo’s leadership style. The bank was also recognised for Outstanding Support towards Financial Reporting in Nigeria.

This was Heritage Bank’s first time in participating in such an event as HR practitioners, as the financial institution had the opportunity to enter for 3 award categories.

Over 20 established brands from different industry sectors were also said to have participated in the several keenly contested award categories, which cut across various areas of people management and development. Despite the formidable competition and the very rigorous screening process, Heritage Bank emerged as winner in the series of awards won.

Commenting on the awards, the Divisional Head, Human Capital Management, Abike Wesey expressed gratitude to the organisers for believing in Heritage Bank and the leadership of the bank for their support to employees’ welfare.

“We are ecstatic to have received this honour and are extremely grateful for leadership of Executive Management, for giving us wings to fly right in our corner and always willing to listen. It was indeed a remarkable moment for us, as we strutted up the dais, with heads held up high and proud, amidst the cheer & accolades from the HR community, well represented at the event; especially in an event of such calibre, being recognized in a gathering of doyens & captains of Industries for our exceptional accomplishments in a widely acclaimed, challenging year – it was definitely no small feat,” Wesey said.

According to her, “The award and commendations go a long way to show that our people management & engagement strategies are truly working, and we are committed to do more in our world to keep the Heritage flag flying. We identify with our Heritage, because, winning is our heritage.”

The HR Awards is very unique because of its process and organisation. The organisers are usually not aware of the winners till the day of the event, same time the results are revealed per category and award submissions are made on a peculiar website – comparable to none in West Africa.  The judges are respected & prominent former heads of HR, selected from five different countries and from various industries, with cutting-edge experience who judge the contestants on global best practices. //END.//

Ozena Utulu, Ag. Group Head, Corporate Communications

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Dollar To Naira Exchange Rate Today 18 October 2021 (Black Market Rate)

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Dollar to Naira exchange rate today 18 October 2021, black market rate can be accessed below.

JomogNews Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

October 18 dollar to naira official exchange rate: $1 dollar to naira = N414.46

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N414.46 per dollar on Monday, 18 October 2021, after it closed at N414.40 per $1 on Friday, 15 October 2021. This represents a change of -0.15%.

How much is exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

LAGOS PARALLEL MARKET RATES October 18, 2021 (BLACK MARKET): dollar to naira exchange rate today black market

October 18 dollar to naira black market exchange rate: $1 dollar to naira = N572

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N572.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 18 October 2021, in Lagos Nigeria after it closed N571.00 per $1 on Friday, 15 October 2021. This represents a change of $1 from last Friday. This means dollar to naira changed its position from last week.

Note: dollar to naira exchange rate has stabilized at N570-575 per $1 since Monday, October 11.

Even though the dollar to naira opened in the parallel market at ₦572 per $1 today, JomogNews Nigeria reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

JomogNews Nigeria reports that the black market, the players buy a dollar for N568 and sell for N572 on Monday morning, October 18, 2021 after they bought N567 and sold N572 last Friday. This means dollar to naira changed its position from last week.

Meanwhile, JomogNews Nigeria reports that the USD started this week at ₦572 in Parallel Market also known as Black Market on Monday, October 18, 2021 in Lagos Nigeria. after it opened N575 last week Monday, October 11, 2021.

Disclaimer: JOMOGNEWSNIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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