Bread Prices to Rise by 20% in January 2024 - Nigerian Bakers

Again, bread prices will increase by 15 per cent to 20 per cent in January 2024 across Nigeria amid economic hardship.

Emmanuel Onuorah, the President of the Premium Breadmakers Association of Nigeria, disclosed this during a Channels Television interview monitored by Kunle Blog on Wednesday.

He blamed the planned bread price hike on increased production costs caused by the increased cost of cargo clearance by the Central Bank of Nigeria, continued forex fluctuation, and rising energy costs.

According to him, bread barkers' production capacity has dropped by 70 per cent due to the harsh economic realities in the country.

He appealed to the government that the tax collected from imported wheat should be used to develop in-country wheat production and the sector in general.

"From January till now, our cost has increased five to tenfold. Our capacity has dropped as much as 70 per cent.

"Bread and flour counts have dropped; those doing 100-200 bags before now struggle with 20-25 bags. All of these are a culmination of no money in people's pockets; Nigerians are drawn into poverty daily because of the economic vulgarities that we find ourselves in Nigeria. It is a tough time for our members and Nigerians.

"Recently, the cost of importation increased, leading to a 15-20 per cent price increase in bread from January 2024. You cleared imported goods for N850/$1. Suddenly, the Central Bank of Nigeria jerked it up to N950/$1. Yeast, margarine, ascorbic acid, softener, and wheat are not produced in-country.

"We are begging the federal government to ensure that some of the raw materials for bread are domesticated in Nigeria. Let's use the money collected from the 15 per cent wheat development levy to develop the sector", he said.

Kunle blog reports that the price of bread (jumbo size) jumped from N1,000 in January 2023 to N1,400 in December.

The development comes as the price of materials used for bread production, such as flavour, rose to N12,000 in December 2023 from N9,000 in January, flour to N43,000 from N30,000, Sugar to N49,000 from N30,500 and Yeast to N44,000 from N23,000.