Bakers Issue 20 Per Cent Increase in Price of Bread from January 2024
Bakers are again set to raise the price of a loaf of bread by 20 per cent.
Premium bread makers association of Nigeria said the fresh price hike will take effect from January 2024.
The Association President, Emmanuel Onuorah announced the plan on a television program on Wednesday.
He said the fresh hike in the price was due the increasing costs of production, such as costs of cargo clearance, foreign exchange and energy bills.
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The association president said the production costs which had increased between five to tenfold since January had reduced the production capacity of members by 70 per cent.
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.
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.
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.
