- The association of bakers has warned that there may be an increase in bread price
- The body said the decision is due to the increase in prices of baking ingredients
- It called on the government to look into the situation
The Premium Bread Makers Association of Nigeria (PBMAN) has given an indication that there may be an increase in the price of bread due to the high price of baking ingredients.
The Punch reports that the body made this known during a media briefing on Monday, September 10, in Lagos.
Legit.ng gathers that the body, despite the rising price tag of sugar and flour over the last three years, has not increased their premium bread price even when the survey shows that between 2015 and 2018, the price of flour had increased from N6,500 to N11,500 per 50kg bag.
The PBMAN chairman, Jemide Tosan, said: "The challenges we face as a result of the incessant increase in the prices of baking ingredients have rendered most premium bakeries comatose making us to operate at a loss."
“Most of us got loans with double-digit interest rates from financial institutions to fund our bakery projects and are finding it extremely difficult to meet our loan repayment obligations. Given the current situation, most premium bakeries may be forced to embark on a price increase, which will further make bread unaffordable to the common man."
“As an association, we are totally committed to ensuring that Nigerians have healthy, quality, affordable and harmless bread on their tables."
Tosan, however, appealed to the government to look into the unending price tag of the baking ingredients in the country.
He said: "It is in light of this that we appeal to the federal government to look into the issues that currently threaten the existence of the premium bakery industry in Nigeria.”
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Meanwhile, Legit.ng previously reported that the prices of essential food items had risen significantly in connection with the rising level of inflation in the country.
The hike in food prices had been attributed to the poor state of the economy occasioned by the declining supply of commodities, rise in fuel price and the devaluation of naira.
Traders in various markets across the state complained that the prices of food items increase each time they went to purchase a new one by the suppliers.
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