The Premium Beadmakers Association of Nigeria (PBAN) blames rising bread prices on a volatile exchange rate and Nigeria’s dependence on imported ingredients.
PBAN President Emmanuel Onuorah pointed out that most baking materials are imported and priced in dollars. A weaker Naira against the dollar significantly increases production costs for bakeries. Onuorah highlighted the exchange rate’s rise under the current administration, further straining bakeries.
Also the ongoing conflict between Ukraine and Russia, major wheat suppliers to Nigeria, has also impacted production. This disruption adds another layer of difficulty for bakeries struggling with rising costs.
Onuorah emphasized the importance of bread in Nigerian diets, both as a readily available food and for its cultural significance. He expressed the challenges faced by bakers due to Nigeria’s limited domestic production and reliance on imports.
