PBAN President Onuorah reports 40% bakery closures

Engineer Emmanuel Onuorah, President of the Premium Breadmakers Association of Nigeria (PBAN), announced that approximately 40% of the association's members have ceased operations due to significant economic pressures, particularly high energy costs. Speaking at the 2026 Day-Out event in Lagos, themed "Baking Through the Economic Storm: Innovation, Efficiency and Growth for a Sustainable Industry," Onuorah detailed the industry's struggles, noting that many bakery operators are facing declining consumer purchasing power.

He stated that the past year has been extremely challenging, with bakeries losing about 40% of their jobs over the last two years. Rising costs of essential inputs such as flour, sugar, and packaging materials have further strained profitability.

Despite these challenges, Onuorah clarified that there are no plans to increase bread prices, advising members to produce smaller packs instead. He criticized the financial system for its high-interest rates, which hinder bakery operators from adopting alternative energy sources.

Onuorah's recent attempt to secure a N12 million loan for solar equipment was met with a 34% interest rate.