The Premium Breadmakers Association of Nigeria, PBAN, has disclosed the causes of rising prices of loaves of bread as the common staple food in the country.

PBAN said the volatility in the exchange rate has affected the prices of bread in Nigeria, adding that most of the materials in producing it are imported.

PBAN President, Emmanuel Onuorah, made this known while appearing as a guest on Arise News Global Business Report on Tuesday.

He added that the ongoing war between Ukraine and Russia has impacted negatively on the production of bread, as both warring European neighbours are wheat suppliers to Nigeria.

Bread is a staple. Bread is supposed to be a pick-and-grab food at any location. Its on the table for the children, Onuorah said.

Bread is a spiritual product, outside of being physical because it does so much for humanity. As bakers, for us in Nigeria, its been tough for us.

Some of the basic materials we use in producing our bread are imported into Nigeria, that is about almost 98 per cent and thats the truth.

In a country, where you almost dont have a strong productive base, and at that, everything is dependent on the dollar. When there is volatility in dollar-naira exchange, when (there is) FX issue where naira begins to go down against the dollar, we are in a problem, he said.

Late last year, following the removal of fuel subsidy and other economic reforms by President Bola Tinubu, the country began to experience an increase in the prices of food and other commodities.

Consequently, in December 2023, Onuorah said prices would increase by 15 per cent to 20 per cent in January 2024 across Nigeria amid economic hardship, and checks by Vanguard showed that loaves of bread in Lagos from N400 have increased to N700, N700 before now sold at N1,100, while N1,100 rose to N1,1400.

Speaking further about the significance of bread prices to Nigerians, on Tuesday, Onuorah said, The kind of bread we eat in Nigeria, there is a way Nigerians want their bread, the structure of the bread.

You know were are the highest consumers of white bread globally. When you go to other places, they take croissants, they take baguettes, and other forms of bread.

But, our bread (in Nigeria) comes in certain shapes. It must be sweet, it must be soft, and succulent. If you dont produce it that way, youre out of business.

And this whole thing, 60 to 65 per cent of the whole thing comes from wheat, and most of our wheat comes from Ukraine, Russia, and other parts of the world, he added. (Vanguard)