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Nigerians To Pay More For Bread As Bakers Announce 15% Price Hike, Effect From July 24

Nigerians To Pay More For Bread As Bakers Announce 15% Price Hike, Effect From July 24
Nigerians To Pay More For Bread As Bakers Announce 15% Price Hike, Effect From July 24

Starting from July 24, Nigerians will be required to pay more for bread, as the Association of Master Bakers & Caterers of Nigeria (AMBCN) has announced a 15 percent price hike across all its products.

Respondents expressed their concerns on Wednesday, lamenting the planned increase in bread prices. They emphasized the hardships they are already facing due to the removal of fuel subsidies and called upon President Bola Tinubu to implement people-centric policies to alleviate their conditions.

In a joint statement by Alhaji Mansur Umar and Hon. Jude Okafor, the National President and National Secretary of the association respectively, it was explained that the decision was made during an extraordinary virtual meeting of the National Executive Council.

The association attributed the price increase to numerous factors such as rising costs of baking materials including flour, sugar, yeast, vegetable oil, and twist ties, as well as the removal of fuel subsidies leading to increased costs of petrol and diesel. They also mentioned multiple taxations from federal and state agencies, including the Standards Organisation of Nigeria (SON), National Environmental Standards and Regulations Enforcement Agency (NESREA), emblems, local government authorities fees and levies, and consumer protection council, among others.

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The statement further highlighted the negative impact of additional levies imposed on flour millers and subsequently transferred to bakers. This has resulted in job losses and threatens the viability of their businesses.

As an interim measure, the association advised all members of AMBCN to adjust their prices by 15 percent to account for the increased cost of production factors. They emphasized their commitment to producing baked goods in accordance with NAFDAC regulations and prioritizing the health of consumers.

The association called on the federal and state governments to urgently intervene and prevent the collapse of the industry. They instructed zonal chairmen, state chairmen, and local chapter chairmen to mobilize and implement the interim resolutions while awaiting further directives from the national secretariat.

In conclusion, the association expressed appreciation for the understanding and cooperation of their customers nationwide, acknowledging the additional burden imposed by the imminent price increase. They assured customers that they would provide updates in the event of significant government interventions.



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