Following the harsh business environment triggered by rising energy costs and increasing forex rates, some bakers under the aegis of the Premium Bread-Makers Association of Nigeria (PBAN) have projected an increase in the prices of bread.
Speaking in an exclusive interview with The PUNCH, PBAN President, Emmanuel Onuorah, described the present situation as worrisome and imminently crippling for operators in the bread-making businesses segment.
Onuorah also noted that 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.
According to him, companies are shutting down their businesses as a result of the increase in the price of diesel.
“Some of my members shut down (their business premises) again this week. So many other companies are closing down.
“As we speak, operators in the sachet water business segment are on strike. They’ll likely increase the price of sachet water to N25 or N30. We don’t even know where this thing is tending towards. Bigger companies are closing because of operating costs. Businesses are going under”, he lamented.