- Manufacturers of bread, soft drinks, and water have all announced changes in prices
- The changes they claim are to reflect the current market reality and cost of production
- Manufacturers have been struggling, as seen by the current GDP growth figures, and it seems Nigerians will have to suffer as a result
Nigerians will pay more to buy water, bread, and their favourite soft drinks in the coming days.
In a press conference, the Association of table waters of Nigeria announced that henceforth Nigerians would be paying N300 to buy a bag of sachet water.
This is an increase from the current N200 per bag sold across the country.
ATWAP President, Mrs Ugonna Immaculata Ogele Iroegbu, revealed the changes after a meeting with the association's executive on Wednesday, November 23, 2022.
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According to Iroegbu, the executives reached the decision due to the rising cost of production.
"The cost of production has gone up more than we can bear; in other to save our industry, we have decided to increase our water to N300 per bag. One bag for one bag, minimum N300 no extra."
Similarly, the carbonated soft drinks sub-sector of the Manufacturers Association of Nigeria (MAN) over the weekend announced plans to change price should the federal government enforce the proposed 20 per cent excise tax on non-alcoholic beverages.
They stated this at a business discussion in Lagos, with sectoral heads in attendance.
They said the prevailing N10 per litre tax regime was already crippling the sector and SMEs businesses, ThisDay reports.
The Nation reports that Ekuma Eze, the Corporate Affairs and Sustainability Director, Nigerian Bottling Company (NBC), said the existing N10 per litre excise tax contributed to 8 per cent revenue decline in the sector between June and August 2022.
"The 20 percent ad-valorem excise tax will not only kill the sector but result in revenue loss, and a consequential phenomenal loss of jobs by various layers of the Nigerian workforce.’’
Bread Makers has also said it might be forced to embark on a price increase or shrink sizes as the cost of a bag of flour rises to above N33,000.
Speaking to Legit.ng, the Chairman of Lagos State Master Bakers Association, Raji Omotunde, hinted at the coming adjustment.
Omotunde said other ingredients include sugar, margarine and others that are among its key ingredients that have shot up in the market.
He stressed that a reduction in the size of loaves of bread is the bakers’ alternative to another price increase, given that they recently increased the price.
“Two days ago, the price of flour increased by N30,000 to over N33,000 per bag. And we are facing the same problem with sugar which is now sold at N32,000 per bag in addition to the prices of margarine and other inputs that have all gone up.
"These items are all imported, and I do not see any sign of succor at all. The high input cost makes it too difficult for us to break even”.
Already some bakers in Lagos have started adjusting prices.
Nigerian banks announce new working days, closing time
Meanwhile, Nigerian banks have announced changes to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies
The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers' emails
Details of the contents of their emails and changes were captured by Legit.ng.