Bread prices to rise by 20% in January 2024 – Nigerian bakers

Again, due to economic hardship, bread prices in Nigeria are expected to rise by 15% to 20% in January 2024.

The Premium Breadmakers Association of Nigeria’s president, Emmanuel Onuorah, said this on Wednesday in an interview with Channels Television that Zingtie saw.

He attributed the projected increase in bread prices to higher production costs brought on by ongoing currency fluctuations, rising energy prices, and the higher cost of cargo clearance by the Central Bank of Nigeria.

He claims that the severe economic conditions in the nation have caused a 70% reduction in the bread barkers’ manufacturing capability.

He pleaded with the government to use the tax revenue from imported wheat to expand domestic wheat production and the industry as a whole.

“From January till now, our cost has increased five to tenfold. Our capacity has dropped as much as 70 per cent.

“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.

“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.

“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.

According to Zingtie, the cost of jumbo-sized bread increased from N1,000 in January 2023 to N1,400 in December.

This trend coincides with the price of ingredients required to make bread rising to N12,000 in December 2023 from N9,000 in January, N43,000 in flour from N30,000, N49,000 in sugar from N30,500, and N44,000 in yeast from N23,000.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.                                                                            
Drop your comment in the section below, and don’t forget to share the post.