In a recent announcement, Mr. Emmanuel Onuorah, President of the Premium Bread Makers Association of Nigeria, has signaled an imminent 15-20% increase in bread prices nationwide, anticipated to take effect in January 2024.
Onuorah attributes this potential hike to a staggering 70% decline in the production capacity of local bakers, driven by the harsh economic conditions in the country. Factors such as elevated cargo clearance costs mandated by the Central Bank of Nigeria, ongoing forex fluctuations, and surging energy expenses have collectively heightened production costs, exacerbating the challenges faced by the industry.
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Mr. Onuorah is urgently appealing to the federal government for support, emphasizing the need to domesticate key bread production raw materials within Nigeria to alleviate the strain on bakers and consumers alike.
