Business
Bread Scarcity Looms In Rivers
The Association of Master Bakers and Caterers of Nigeria, Rivers State chapter has called on the Federal Government to intervene in the high cost of materials used for baking, occasioned by the continued rise of the dollar.
The association had last week embarked on a one-week warning strike to press home its demands, stressing that their business is being threatened.
The State Chairman of the Association, Mr. Kolawole Adelegan who made the appeal in an interview with The Tide in Port Harcourt recently said the price of bread has increased slightly in most parts of the city and its environs, following the strike embarked upon by the association.
Adelegan explained that, “a bag of flour that cost N6,800 now sells for N10,000, while butter that sells for N3,800 now cost N5,700.
According to him,” yeast that previously sold for N6,800 now sells for N10,000. Sugar that sold for N7,8OO is now purchased for N11,000, while 20 liters of Ground nut oil that sold for between N4,800 and N4, 000, is now N10,000.”
“All of these in addition to the high cost of fuel makes it difficult for us to continue in business.
“We therefore call for the intervention of the Federal Government to look I
into the increasing prices of these baking materials which are mainly imported, to enable us remain in business or else many bakeries would be closed,” he said.
While regretting the hardship it’s action may cause bread consumers and other Nigerians in the state, Adelegan pointed out that the strike would be sustained until government attention is attracted.
Business
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Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
