The Abuja chapter of the Association of Master Bakers and Caterers of Nigeria has Frowned at the rate at which the prices of all baking materials in the country are getting escalated.
According to a statement made available to journalists on Friday,the association’s Secretary, Richard Adeyemi, highlighted that the industry’s viability is now in jeopardy due to the relentless escalation of production expenses.
He added that the price increase experienced towards the last quarter of 2023 forced many of the members out of business and others that managed to survive it are yet to stabilise.
In his statement,“Indeed, we are not ignorant of the N1,400 to a dollar of the foreign exchange and the flour we bought at the rate of N37,000 and sugar at N62,000 last week respectively.
“The same bag of flour today is N42,000 while a bag of sugar is N72,000 with major distributions.
“All other materials- yeast, margarine, to mention few are at alarming rates including diesel which is now N1,250/litre against N1,050/litre sold last week.
“We understand that bread is a staple food for all classes of people but the middle and lower class consume more than the upper class which always makes it difficult for bakers to increase prices in proportionate to that of flour millers and producers of baking materials because they would not be able to afford it.”
Urging prompt government intervention, Adeyemi called for comprehensive economic and policy measures to avert the imminent collapse of the baking industry.
Similarly, AMBCN Chairman, Ishaq Abdulraheem,has echoed concerns over the relentless rise in baking material prices, underscoring the critical role of government support in safeguarding the sector’s vitality.
Abdulraheem appealed to the public for understanding as bakers contemplate revising bread prices, emphasizing that the decision aims to sustain business operations rather than maximize profits.
Saying the association remains hopeful for swift government intervention to address the pressing challenges confronting bakers nationwide.
