Nigerians have been asked to brace up for the increase in the prices of bread, a major food item on the table of almost all Nigerians.
The produce said their cost of production has risen following the withdrawal of fuel subsidy and the liberalization of the foreign exchange (forex) market by the federal government.
President of Premium Breadmakers Association of Nigeria (PBAN), Engr. Emmanuel Onuorah, who disclosed this in an exclusive chat with Vanguard, stated: “For us in the premium bread making, it is a mixed feeling laced with a feeling of déjà vu”.
He noted that most of the baking ingredients are import dependent, adding that the floating of forex has led to an increase in the cost of clearing the ingredients.
Onuorah said: “Most of our baking ingredients are import dependent; ranging from flour produced from wheat, Ascorbic Acid, Calcium Propionate, Yeast, bread softener, etc, are mostly imported. The forex floating led to an increase in the amount used for clearing; we know this will certainly lead to an increase in the prices of bread.
“The flour millers even wanted to use the forex floating as an alibi to increase the price of wheat flour; if they do that the price of bread would go up significantly because we would pass on the cost. With any increase in the price of bread now, there will certainly be more drops in sales and more bakeries will certainly close shop”.
