BUSINESS NEWS

Nigeria to witness an Increased Cost of Bread Nationwide

NEWSMAN, Abuja – Bakers Nationwide are lamenting the high cost of baking ingredients in the Market, noting that bread has become an important staple food in most Nigerian households.

Two bakers’ union, the Premium Bread Makers Association of Nigeria (PBAN) and the Association of Master Bakers & Caterers of Nigeria (AMBCN) have in a press conference in Lagos, called on the federal government to look into the increase in the prices of the essential material, describing it as a “near wipeout of the bread-making industry in Nigeria.

Treasurer of PBAM and Managing Director of Country Fresh Bread, Yetunde Adeyemi, said it has been a challenging period for her and other bakers across the country.

She said, “Bread is a staple food that should not even be expensive but in the situation we are heading to, we will start seeing a rise in the cost of bread. As you are aware, bread is the food for the masses and it shouldn’t be expensive.

“From now moving forward, there is going to be a change in the price of our bread. Let me now tell you that the additional cost will not even cover our expenses, we just want to survive.”

The president of PBAN, Tosan Jemide, said that the bread-making industry has employed millions of Nigerians directly or indirectly, making it a key employer of labour in the country, Premium Times reported.

“Although we have been experiencing difficulties for a while, the period between March 2020 and August 2020, the price of flour which is our major ingredient has increased from N10,500 per 50kg bag to N13,500 per bag. Sugar increased from N13,500 per bag, went as high as N29,000 and down to N19,000 per bag in the corresponding period” Jemide said.

He added, “Margarine, from N5,800 is almost N11,000. A 25 litre can of Vegetable oil which was about N13,000 thousand now sells for N16,000 while Milk which was hitherto N29,000, now goes for N52,000. Preservative (Calcium Propionate) increased from N25,000 to N34,500, with the possibility of further price increases not ruled out,”

“Most of us got loans with double-digit interest rates from banks and other financial institutions to fund our bakery projects and are finding it extremely difficult to meet our loan repayment obligations. Both Associations shall henceforth be responding correspondingly to any indiscriminate price increases by millers, sugar refiners, and ingredient manufacturers and suppliers with the same measure in the prices of bread”, the Bakers said.

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