Highlighting the factors contributing to the increased cost of bread in Nigeria, the Premium Bread Makers Association of Nigeria, PBAN, shed light on the current situation.
Imported ingredients play a significant role in bread production, leading to higher prices in Nigeria due to the fluctuations in exchange rates, the association emphasized.
During an interview on Arise News’ Global Business Report, PBAN’s president, Emmanuel Onuorah, touched on this subject, which was monitored by NewsNow.
The ongoing conflict between Russia and Ukraine has particularly impacted bread manufacturing in Nigeria because the country sources wheat from both of these countries, he mentioned.
“Bread, being a staple food, is meant to be easily accessible and a go-to option for all, especially for children,” he stated.
“Besides its physical aspects, bread holds a symbolic significance and serves humanity in various ways. As bakers in Nigeria, we have been facing challenges,” he added.
“The majority of the essential materials we require for bread production are imported into Nigeria, amounting to nearly 98 percent, and that is a fact we cannot overlook.”
“In a country where the productive foundation is not as strong, and where everything hinges on the dollar, any fluctuations in the dollar-to-naira exchange rate or foreign exchange issues create significant challenges for us,” he further explained.