Young Baker Faces Rising Costs Amid Naira Weakness

The investor acquired 40 percent equity in his bakery business.

His bakery operates near major petrol depots and the Nigerian National Petroleum Corporation, yet he faces current fuel prices of N145 per liter, up from the official rate before gasoline shortages began.

The weakened naira is a primary driver of these elevated raw material costs, while energy supply issues in his Ejigbo area further strain operations.

He sources sugar and flour every three days, but their prices have doubled since early 2017, with a 50 kg bag of wheat flour now costing N12,000 versus N6,500 in early 2016.

The weakened naira and energy supply disruptions in Ejigbo contribute to his bakery’s rising operational costs despite proximity to NNPC and major petrol depots.