Bakers – Why Prices Of Bread Are High

Bakers – Why Prices Of Bread Are High

The Premium Breadmakers Association of Nigeria (PBAN) has shed light on the soaring costs of bread across the country, attributing the increase to exchange rate fluctuations and international conflicts. During an appearance on Arise News’ Global Business Report, PBAN President Emmanuel Onuorah highlighted these challenges, which have prompted a faction within the association to withdraw participation as bakers initiate a strike……READ ALSO See Bread Prices In Kogi As Bakers Resume Production Amidst Economic Hardship

Onuorah emphasized the pivotal role of imported raw materials in bread production, noting that the instability of the Nigerian currency significantly impacts the prices of these essential inputs.

Moreover, the ongoing conflict between Ukraine and Russia, both major wheat suppliers to Nigeria, has disrupted wheat supplies, compounding the challenges faced by bread producers.

The rise in bread prices not only affects the breadmaking industry but also impacts consumers, for whom bread is a staple food. Onuorah underscored the significance of bread to Nigerians, describing it as both a physical and spiritual product that plays a vital role in daily life.

He lamented the heavy dependence on imported materials for bread production, highlighting the vulnerability of the industry to fluctuations in the exchange rate and external supply disruptions.

This surge in bread prices comes amid broader economic challenges in Nigeria, including the removal of fuel subsidies and other economic reforms, leading to increased prices of essential commodities.

Despite these challenges, Onuorah emphasized the importance of producing bread that meets the expectations of Nigerian consumers, who have specific preferences for soft, sweet, and succulent bread.

The PBAN president stressed the need for government intervention to address the underlying issues affecting the breadmaking industry, including policies to stabilize the exchange rate and enhance domestic production capabilities.

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