The Premium Breadmakers Association of Nigeria, or PBAN, has revealed the causes of rising bread costs, the country’s most popular basic meal. According to PBAN, currency rate volatility has affected bread pricing in Nigeria, since the majority of the ingredients used in its production are imported.
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Emmanuel Onuorah, President of PBAN, stated this when appearing as a guest on Arise News’ Global Business Report on Tuesday. He also stated that the continuing conflict between Ukraine and Russia has had a negative influence on bread manufacturing, as both warring European neighbours supply wheat to Nigeria.
“Bread is a standard. Bread is designed to be a grab-and-go food that can be consumed anywhere. Onuorah stated, “It is on the table for the children.”
Beyond its physical properties, bread is a spiritual product because it benefits humanity so much. As bakers in Nigeria, we’ve had it tough.
“Some of the basic materials we use in producing our bread are imported into Nigeria, that is about almost 98 per cent and that’s the truth.”
“In a country without a strong productive basis, everything is dependent on the dollar. When there is volatility in the dollar-naira exchange rate, and the naira begins to fall versus the dollar, we have a problem,” he stated.
Late last year, following President Bola Tinubu’s elimination of fuel subsidies and other economic changes, the country saw an increase in food and commodity prices.
As a result, in December 2023, Onuorah stated that prices in Nigeria would rise by 15% to 20% in January 2024 due to economic hardship, and Vanguard checks revealed that loaves of bread in Lagos have increased from N400 to N700, N700 previously sold at N1,100, and N1,100 rose to N1,1400.
On Tuesday, Onuorah further on the importance of bread costs to Nigerians, saying, “The type of bread we consume in Nigeria, there is a manner Nigerians want their bread, the structure of the bread.
Bread
“You know, we are the world’s largest consumers of white bread. When you travel to other places, they accept croissants, baguettes, and other types.
“However, our bread (in Nigeria) comes in specific shapes. It must be sweet, tender, and succulent. “If you don’t make it that way, you’re out of business.”
Source: vanguardngr.com
