Business
Group Pulls Out Of Bakers’ Strike

Amidst the strike by the Premium Breadmakers Association of Nigeria over rising production costs of bread, the Supreme Bakers and Confectioners Association on Thursday said they would not partake in the action in the national interest.
The PBAN had in a statement by its President, Emmanuel Onuorah, announced plans to halt production with effect from Thursday.
According to him, bakery has become almost impossible as the incessant increases in the prices of baking materials and diesel have affected the industry negatively.
Onuorah said bakeries were running in losses and the situation was no longer sustainable.
But while acknowledging that the nation’s economy, just as those of other countries globally, was currently experiencing a slump, the SBCA said the development demanded belt-tightening for both corporate and private individuals.
READ ALSO: Bakers Halt Bread Production Thursday Over Skyrocketing Costs
The President of SBCA, Edmond Egbuji, said these in a statement titled, ‘Our stand On the bakery debacle in Nigeria’, obtained by The PUNCH in Abuja.
He said, “We the Supreme Bakers and Confectioners Association wish to make our position clear on the current state of affairs in the bakery industry in Nigeria.
“The nation’s economy, just as those of other countries globally, is currently experiencing a slump.
This calls for belt-tightening for both corporate and private individuals.
“It would be recalled that some bakers associations on July 13, 2022, embarked on two weeks warning strike claiming it was due to a hike in the prices of baking materials.
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“According to the statement, the group will embark on the strike if the Federal Government does not give the necessary attention to their demands.
“Baking of bread and other confectioneries like other private businesses are facing the same global economic challenges that are not necessarily peculiar to Nigeria.
“We are working together with the Federal Government and some of the manufacturers and importers of baking materials to see how to cushion the effects on our members and the public.
“Bread is one of the common foods for the common man so to forcefully withdraw it from him will be disastrous.
“We, therefore, recognise that taking up a confrontational stance against the industry’s regulatory bodies or the federal government is not the way to go about it at the moment.
“We would rather continue to engage them in dialogue to fashion out a workable solution that would bring succour to the millions of Nigerians that are going through hard times.
READ ALSO: Hunger Looms As Bakers Set To Shut Down Industry Nationwide
“Our resolve is not to worsen the plight of ordinary Nigerians by denying them access to bread, which is currently one of their staple foods.
“Our intention is not to embark on strike action but rather to sit at a roundtable and come to grips with how to ameliorate the present difficulty confronting us.
“It is the intention of Supreme Bakers and Confectioners Association to join hands with the government to achieve this. Nigerians deserve to have their burdens made lighter, not worse.”
Business
Naira Appreciates Against US Dollar After Highest Dip

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.
Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.
This represents a gain of N2.06 against the dollar on a day-to-day basis.
READ ALSO:Naira Ranks Ninth Weakest Currency, Tanzania’s Strangest In Africa — Forbes Report [LIST]
Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.
The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.
Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.
Business
Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.
The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.
This means that the Naira gained N0.6 against the dollar on a day-to-day basis.
READ ALSO:Naira Records Second Consecutive Depreciation Against US Dollar
Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.
Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.
Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.
Business
Dangote Sugar Announces South New CEO

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.
This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.
The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.
READ ALSO:21 Secondary School Students Arrested Over Cultism In Edo
Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.
“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.
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