Bread price to increase by 60 percent over rising materials cost, say Lagos Bakers
Lagos State Bakers have said the price of bread may go up by 60 per cent if no urgent intervention from government to halt the rising prices of baking materials attributed to the COVID-19 pandemic currently ravaging the world.
While appealing to both federal and state governments to quickly come in and arrest the situation for the benefit of all, the association maintained that “if we are suppose to follow the trend of increase in the prices of raw materials for our production, the prices of bread may increase by 60 per cent.”
In a statement jointly by the Chairmen, Association of Master Bakers and Caterers of Nigeria, Kosofe and Surulere local chapters, Comrade Taiwo Akintola and Comrade Ibitoye Oladapo, the high cost of baking materials is killing their businesses, as many bakers are finding it difficult to make profits due to the high cost of materials.
“A bag of flour that costs N9,000 before COVID-19, now goes for N13,000, while a bag of sugar now costs N24, 000 as against the former price of N13,000. Butter is now N12,000 against N7,500, while milk, which was N29,000, now goes for N52,000. And there is an increase in packaging cost which used to be N10,000 now N12,000,” the bakers said. They added that the prices of salt, yeast and other baking materials had also hit the rooftop.
The association also explained that the instability of foreign exchange, high cost of diesel and other baking materials were reasons given by flour millers for the hike in the prices of baking materials, stressing that the association have appealed to flour millers and others involved in the selling of baking materials to reduce their prices, but yet to yield favourable response.
“And that is why we are pleading with Federal Government to intervene in this matter by talking to flour millers and baking material sellers to bring the prices down.
“Master Bakers Association is one of the largest employers of labour in the country and most of the bakeries are folding up, with many Nigerians working in the bakery sector losing their jobs,” the bakers added.