Nigerian bread makers hike prices again amid worsening economic crisis

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In a sign of the worsening crisis, some master bakers said they were resuming production after weeks of strikes but would raise the prices of their products.

The President of the Premium Breadmakers Association of Nigeria (PBAN), Emmanuel Onuorah, said that operating a bakery in Nigeria has become almost impossible as the relentless increase in the prices of baking materials and diesel fuel has made the comatose industry.

He added that members of his association comprising owners, managing directors and partners of high end bakeries in Nigeria are mostly suffering huge losses which is no longer viable.

In the latest development, bakers in some states have pulled out of the strike, declaring their intention to raise the price of their bread.

“Although the federal government has not yet responded to our calls and requests, we are satisfied that we have at least sent a message hoping for a positive result,” said Gabriel Bamidele-Adeniyi, president of Association of Master Bakers and Caterers of NigeriaKogi Chapter, told the News Agency of Nigeria (NAN).

“Unfortunately, as we resume production on July 25, bread prices will increase by 20%.”

“We want the public to know that the new stable bread price increase is not our manufacturing, but the price increase of the products we use in the production of bread.

“We want the government to ensure that the prices of imported yeast, sugar and flour are drastically reduced so that only three companies have the license to import them.

“Unfortunately, these three companies monopolize the prices of sugar, yeast and flour to the detriment of bakers in Nigeria,” he lamented.

Cross River State PBAN Chairman Thomas Odey also confirmed the development, saying the planned increase is insufficient.

He says, “This is a global problem that is not unique to Nigeria or just cooking materials, but the price of every food item has risen dramatically, Nigeria Ripples reported.

“In my contacts with the big flour mills in the country, they will tell you that the Russian-Ukrainian crisis, the exchange rate and the question of the supply of foreign currencies pose significant challenges and increase the price of wheat flour.

“During my training with Flour Mill, I discovered that they mixed cassava flour with wheat to get what they used, but the type of cassava they used was a species that we had to develop in large quantity.”

With inflation rates at 18.6% and a drop in purchasing power, Nigerians will be paying more for bread in the coming days as bakers in some states have announced price hikes to cover the high cost of bread. ingredients.

The West African nation is grappling with the worst economic crisis in its history amid rising public debt, falling revenues and foreign currencies. Unemployment has worsened, inflation has soared, and nearly half the population now lives below the poverty line.

Three states (Borno, Adamawa and Yobe) contain about half of the emergency population, and more than a quarter of people in critical need of emergency assistance in Borno are expected to be in inaccessible areas where access to life-saving assistance is expected to be lacking.

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