The Abuja chapter of the Association of Master Bakers and Caterers of Nigeria (AMBCN), says they will increase the price of bread in the capital.
AMBCN said the upward review is due to the rising cost of all baking materials in the country.
In a statement on Friday, Adeyemi Richard, secretary of the association, said the survival of the industry cannot be guaranteed as all associated baking materials have continued soar.
According to Richard, the rising cost 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.
“Indeed, we are not ignorant of the N1,400 to a dollar of the foreign exchange but the flour we bought at the rate of N37,000 and sugar at N62,000 last week respectively,” he said.
“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 N1250/litre against N1050/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.”
Adeyemi, therefore, asked the government to come up with urgent economic and policy surgery that would rescue the industry from total collapse.
On his part, Ishaq Abdulraheem, chairman of AMBCN, said members find it difficult to manage their businesses in the face of this daily increment in prices of baking materials.
Abdulraheem called for the government’s intervention because of its importance to the economy.
He also appealed to the public to bear with bakers as they plan an upward review of the price of bread.
Abdulraheem said the decision is not for profit but to sustain the business while the association look forward to government intervention.