Nigerian Bakers Announce 20% Increase Of Bread Price

Nigerian bakers have again hinted that bread prices will increase by 15 per cent to 20 per cent in January 2024.

The disclosure was made by Emmanuel Onuorah, the President of the Premium Breadmakers Association of Nigeria, during a Channels Television interview on Wednesday.

Onuorah attributed the planned price hike on increased production costs caused by the increased cost of cargo clearance by the Central Bank of Nigeria, continued forex fluctuation, and rising energy costs.

“Bread barkers’ production capacity has dropped by 70 per cent due to the harsh economic realities in the country.

 

Nigerian Bakers Announce 20% Increase Of Bread Price

 

“Recently, the cost of importation increased, leading to a 15-20 per cent price increase in bread from January 2024. You cleared imported goods for N850/$1. Suddenly, the Central Bank of Nigeria jerked it up to N950/$1. Yeast, margarine, ascorbic acid, softener, and wheat are not produced in-country.

“From January till now, our cost has increased five to tenfold. Our capacity has dropped as much as 70 per cent,” he explained.
He appealed to the government that the tax collected from imported wheat should be used to develop in-country wheat production and the sector in general.

“Bread and flour counts have dropped; those doing 100-200 bags before now struggle with 20-25 bags. All of these are a culmination of no money in people’s pockets; Nigerians are drawn into poverty daily because of the economic vulgarities that we find ourselves in Nigeria. It is a tough time for our members and Nigerians.

“We are begging the federal government to ensure that some of the raw materials for bread are domesticated in Nigeria. Let’s use the money collected from the 15 per cent wheat development levy to develop the sector”, he said.

The development comes as the price of materials used for bread production, such as flavour, rose to N12,000 in December 2023 from N9,000 in January, flour to N43,000 from N30,000, Sugar to N49,000 from N30,500 and Yeast to N44,000 from N23,000.