Nigerian bakers are planning to increase the price of bread and here's why
Bread Makers said it may be forced to embark on a price increase which will make bread unaffordable to the common man.
Jemide Tosan, the President of the association, stated this at a press briefing in Lagos on Monday, September 10, 2018.
He said the high cost of baking ingredients have rendered most premium bakeries into financial loss.
Why the price of bread may increase
The association said the prices of flour, sugar and other baking ingredients had increased threefold in the past three years.
The group said between 2015 and 2018, the price of raw materials had increased by 100%. The raw materials include flour, salt, margarine, sugar, yeast, preservative, diesel and others.
With the prevailing situation, premium bakeries said it may be forced to embark on a price increase, “which will further make bread unaffordable to the common man”.
In a live programme on Channels Television Business Morning, Analyst at Financial Derivatives said the trend is worrisome and to salvage the situation the government must revisit its import policies.
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