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.
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.