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Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says - Politics - Nairaland

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Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by Kobojunkie: 6:54pm On Aug 13, 2010
[size=13pt]Nigeria Bread Prices to Rise on Higher Wheat Costs, Dangote Flour Says[/size]


The price of bread and other wheat products in Nigeria is likely to jump, the second-biggest miller in the West African nation said, as costs of the grain surged to a 23-month high last week after bad weather decimated crops.

“Imported wheat is our main input and the implication of a price increase is that we shall pass the cost to the consumers,” said Shuaibu Idris, deputy managing director of Dangote Flour Mills Plc. “We are running a business, not a charity.”

Chicago wheat futures peaked on Aug. 6 at $8.68 a bushel as Russia’s worst dry spell in 50 years damaged the crop in the world’s third-biggest grower of the grain. Wheat stockpiles may slip to a two-year low as demand rises, according to 17 analysts surveyed by Bloomberg.

The December-delivery contract rose 2.6 percent to $7.1250 a bushel by 10 a.m. in trading on the Chicago Board of Trade.

Nigeria, Africa’s most populous country of more than 140 million people, may increase imports by 5.4 percent to 3.9 million metric tons in the marketing year that began on July 1, the U.S. Department of Agriculture’s Foreign Agricultural Service said in a report May 7. Imports from the U.S. may total 3.3 million tons, the department said.

continued . . .
Re: Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by philip0906(m): 7:08pm On Aug 13, 2010
“Imported wheat is our main input and the implication of a price increase is that we shall pass the cost to the consumers,” said Shuaibu Idris, deputy managing director of Dangote Flour Mills Plc. “We are running a business, not a charity.
story. . .dangote has already made his money and so,whatever happens ain't his problem undecided
Re: Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by EzeUche22(m): 7:09pm On Aug 13, 2010
Well world wheat prices are going up, because of the Russia wildfires. U.S. farmers said that they are increasing wheat farmers though.
Re: Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by chosen04(f): 7:16pm On Aug 13, 2010
So that means better dividends to ''us'' shareholders of Dangote Flour Mills? . . . . . . . .
Re: Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by marcus1234: 7:17pm On Aug 13, 2010
Re: Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by paddylo1(m): 7:21pm On Aug 13, 2010
So that means better dividends to ''us'' shareholders of Dangote Flour Mills? . . . . . . . .

U got that right. . "one mans wheat. . is another mans. . . ." u know the rest. . cool
Re: Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by Nobody: 7:23pm On Aug 13, 2010
Evil monopoly, one single company dictating the pr
Kobojunkie:

[size=13pt]Nigeria Bread Prices to Rise on Higher Wheat Costs, Dangote Flour Says[/size]



“Imported wheat is our main input and the implication of a price increase is that we shall pass the cost to the consumers,” said Shuaibu Idris, deputy managing director of Dangote Flour Mills Plc. “We are running a business, not a charity.”


continued . . .



Can you imagine this crap coming from a company that survives on clearly skewed goverment policies. You are not a charity, but the Nigerian government is acting like one towards your company!!!
Re: Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by paddylo1(m): 7:27pm On Aug 13, 2010
Can you imagine this crap coming from a company that survives on clearly skewed goverment policies. You are not a charity, but the Nigerian government is acting like one towards your company!!!

Dangote is not even a major player in the Flour business in Nigeria. . .so stop hyperventilating. . .

Govt policies is to promote FLOUR Milling and other associated industries spring up in the country. . .

If u allow all kinds of imports in ppl will complain

Now that we have formulated policies to make domestic industries grow. . ppl still complain

what gives?
Re: Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by EzeUche22(m): 7:37pm On Aug 13, 2010
Aigbofa:

Evil monopoly, one single company dictating the pr


Can you imagine this crap coming from a company that survives on clearly skewed goverment policies. You are not a charity, but the Nigerian government is acting like one towards your company!!!

I agree with you on this issue. Nigeria is need of some "trust bustin" like they used to do in the United States.
Re: Nigeria Bread Prices To Rise On Higher Wheat Costs, Dangote Flour Says by philip0906(m): 7:49pm On Aug 13, 2010
Aigbofa:

Evil monopoly, one single company dictating the pr


Can you imagine this crap coming from a company that survives on clearly skewed goverment policies. You are not a charity, but the Nigerian government is acting like one towards your company!!!
I have 2 agree with u on this one though. . .He's made his money and enjoyed all d benefits of monopoly,its now time 2 do "business" undecided undecided

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