Nigeria's Baking Industry in Crisis as Over 80,000 Bakeries Shut Down in 4 Years
The Premium Breadmakers Association of Nigeria (PBAN) revealed that over 80,000 bakeries have closed in Nigeria since 2020, leaving less than 60,000 operational. The industry's challenges include high production costs, insecurity in the northern region, high-interest rates, and heavy taxation.
PBAN President Emmanuel Onuorah criticized the government for its taxation policies, emphasizing the need to create wealth rather than solely relying on taxes. He also highlighted the sector's heavy dependence on wheat imports, calling for the removal of import duties and VAT to stabilize bread prices.
The energy crisis and reliance on alternative sources like diesel further compound the industry's struggles.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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