Bread Makers in Nigeria have threatened to increase the price of Bread over high cost of baking ingredients
The Premium Bread Makers Association of Nigeria hinted this on Monday at a news conference in Lagos.
The President of the association, Mr Jemide Tosan said the increasing cost of ingredients have made most bakers operating at a loss as this may send them out of business.
Mr Jemide Tosan said over the years the prices of flour, sugar and other baking ingredients had increased in the past three years and the association memebers did not increase the price of bread in the same way.
“Between 2015 and 2018, the price of flour had increased from N6,500 to N11,500 per 50kg bag, sugar had risen by 77 per cent in the same period, with salt, margarine, yeast and preservatives had recorded 84 per cent, 67 per cent, 112 per cent, 45 per cent and 137 per cent increases, respectively, ”said the association president.
He explained that the price of diesel had gone up by 57 per cent, while the price of improvers used in enhancing the quality of bread had risen by 160 per cent during the period and the price of bread had only witnessed 11 per cent rise within the period.
“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,” Tosan noted, adding that something had to be done to save the industry from extinction.
“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.”