Business
War causes high price of bread – PBAN
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.
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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.
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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.