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The retail selling price of bread in Nigeria is set to increase by sixty percent (60%). Which means the regular loaf currently sold for Three Hundred and Fifty Naira (N350), will henceforth be available at the retail price of Five Hundred and Sixty Naira (N560).
This is disclosed in a meeting held with the Chief Executive Officer of Federal Competition and Consumer Protection Commission, Babatunde Irukera and the Master Bakers in a robust collaborative zoom meeting.
The announcement to increase the price of bread in the market was disclosed by the Federal Competition and Consumer Protection Commission boss on his twitter handle.
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The meeting which is expected to address the regulatory concern of excessive pricing and co-ordination of price fixing by some cartel; that is a product of the Trade Association of Competitors in the market segment.
Bread is indisputably one of the essential stable foods here in Nigeria. Eating bread is like going to an eatery or restaurant to buy an already prepared meal. People love bread because it is cheap and always available. Getting involved in the production and distribution of bread is one business you can be sure of making regular income from without blinking an eye.
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Bread is one of the essential commodities taken on daily basis. It is very cheap and it is always at the reach of the final consumer. Recently, the Master Baker’s Association of Nigeria increased the price.
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Bread business is a very lucrative business and the return on investment is guaranteed even under few months. Throughout recorded history Bread has been a prominent food in large parts of the world; it is one of the oldest man-made food. The mission of Federal Competition and Consumer Protection Commission is to ensure customers are priority in the business value chain; and consumer protection is the core, not ancillary objective of business.
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