Bread Producers Serve Notice Of Imminent Price Hike - Breaking News in Nigeria today 247 | TheWatchNGR

Breaking

Place your Top Header Advertisement
top post ads
PLACE YOUR Leaderboard 728 BY 90

Tuesday, July 4, 2023

Bread Producers Serve Notice Of Imminent Price Hike

 


Nigerians have been asked to brace up for increase in the prices of bread, a major food item on the table of almost all Nigerians.


The increase is to cover the high cost of ingredients according to the president of Premium Breadmakers Association of Nigeria (PBAN), Engr. Emmanuel Onuorah.


Politics Nigeria reports that bread is a major food item on the table of most Nigerians.


According to the bread makers, the cost of production has risen following the withdrawal of fuel subsidy and the liberalization of the foreign exchange (forex) market by the federal government.


“For us in the premium bread making, it is a mixed feeling laced with a feeling of déjà vu”, Onuorah said.


Going further, he revealed that most of the baking ingredients are import dependent.


“Most of our baking ingredients are import dependent; ranging from flour produced from wheat, Ascorbic Acid, Calcium Propionate, Yeast, bread softener etc, are mostly imported. The forex floating led to increase in amount used for clearing; we know this will certainly lead to increase in prices of bread,” he said.


“The flour millers even wanted to use the forex floating as an alibi to increase the price of wheat flour; if they do that the price of bread would go up significantly because we would pass on the cost. With any increase in the price of bread now, there will certainly be more drops in sales and more bakeries will certainly close shop.”


 “The impact on my members was spontaneous because our workers were not able to afford the transport fare that spiked astronomically thereby impeding production due to unavailability of workers,” he added.


Onuorah also disclosed that the imposition of 7.5 percent Value Added Tax on diesel by the federal government has affected production and sales negatively.





Place Your MidPost Ads Code (PC) Here

Place Your Post Footer Ads COde Here

No comments:

Post a Comment

DISCLAIMER


Opinions expressed in comments by readers, do not reflect the views of THEWATCHNGR and the THEWATCH NEWS Media or any employee thereof.

botom post ads space

Search Here