Bread producers serve notice of imminent hike in prices
Nigerians have been asked to brace up for increase in the prices of bread, a major food item on the table of almost all Nigerians. The produce said their cost of production has risen following the withdrawal of fuel subsidy and the liberalization of the foreign exchange (forex) market by the federal government. President of Premium Breadmakers Association of Nigeria (PBAN), Engr. Emmanuel Onuorah, who disclosed this in an exclusive chat with Vanguard, stated: “For us in the premium bread making, it is a mixed feeling laced with a feeling of déjà vu”. He noted that most of the baking ingredients are import dependent, adding that the floating of forex has led to increase in the cost of clearing of the ingredients. Onuorah said: “Most of our baking ingredients are import dependent; ranging from flour produced from wheat, Ascorbic Acid, Calcium Propionate, Yeast, bread softener etc, are mostly imported. The forex floating led to increase in amount used for clearing; we kn...