Nigerian bakers predict 20% increase in bread prices in January 2024

Again, due to economic hardship, bread prices in Nigeria are expected to rise by 15% to 20% in January 2024.

The Premium Breadmakers Association of Nigeria’s president, Emmanuel Onuorah, said this on Wednesday in an interview with Channels Television that Obasanjo News24 saw.

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He attributed the projected increase in bread prices to higher production costs brought on by ongoing currency fluctuations, rising energy prices, and the higher cost of cargo clearance by the Central Bank of Nigeria.

He claims that because of the challenging economic conditions in the nation, the manufacturing capacity of bread barkers has decreased by 70%.

He urged the authorities to allocate the tax revenue from imported wheat to the advancement of domestic wheat production and the industry as a whole.

“Our expenses have multiplied five- to ten-fold since January.” Up to 70% less has been possible for us.

Bread and flour counts have decreased; those who formerly handled 100–200 bags now find it difficult to handle 20–25 bags. These are all the results of individuals not having any money in their pockets; Nigerians are constantly pulled into poverty as a result of the country’s economic maladies. For Nigerians and our members, this is a difficult moment.

He claims that because of the challenging economic conditions in the nation, the manufacturing capacity of bread barkers has decreased by 70%.

He urged the authorities to allocate the tax revenue from imported wheat to the advancement of domestic wheat production and the industry as a whole.

“Our expenses have multiplied five- to ten-fold since January.” Up to 70% less has been possible for us.

Bread and flour counts have decreased; those who formerly handled 100–200 bags now find it difficult to handle 20–25 bags. These are all the results of individuals not having any money in their pockets; Nigerians are constantly pulled into poverty as a result of the country’s economic maladies. For Nigerians and our members, this is a difficult moment.

This trend coincides with the price of ingredients required to make bread rising to N12,000 in December 2023 from N9,000 in January, N43,000 in flour from N30,000, N49,000 in sugar from N30,500, and N44,000 in yeast from N23,000.