Bread prices may go up, bakers blame forex, energy crises

Bakers under the aegis of the Premium Bread-Makers Association, PBAN, of Nigeria have said a harsh business environment triggered by rising energy costs and increasing forex rates has caused some of its members across the country to shut down their business operations. Speaking in an interview, PBAN President, Emmanuel Onuorah, described the present situation as worrisome and imminently crippling for operators in the bread-making businesses segment.

He expressed concerns over what he called the lackluster attitude of the government towards addressing the harsh operating environment faced by businesses. According to Onuorah, wheat suppliers have suggested a possible scarcity of the product within the next two weeks, indicating that the price of bread may go up significantly. On the recent scarcity of the dollar at the parallel market, the president decried the rate at which the naira has continued to depreciate.