A beloved tradition in Nigerian households, welcoming fathers home with bread for their children, is fading away. The staple has gradually vanished from many homes as the escalating costs of flour and other bread-making ingredients push prices skyward.
This challenge isn’t exclusive to households; bakery owners grapple with the same issue. Balancing the soaring ingredient expenses against customer satisfaction poses a significant struggle for these businesses.
Unfortunately, numerous bakeries are now closing their doors, unable to cope with the rising costs of ingredients. The aftermath of the Russian-Ukraine conflict has led to a global shortage of flour, prompting a series of bread price hikes.
Gone are the days of a simple visit to a bakery resulting in a loaf of bread. Even bakery employees now find themselves paying for their bread.
In discussions with Economy & Lifestyle, Mr. Abayomi Olorunfemi, a baker, highlighted the grim reality. Beyond closures, bakery owners are compelled to reduce bread sizes and raise prices to navigate these difficult economic waters.
“The country’s economy is hitting businesses hard. It’s transforming savvy entrepreneurs into struggling individuals. Many peers in the industry are closing shop. Those with multiple bakeries are downsizing, while others are reducing loaf sizes and hiking prices.”