- Lagos state bakers have warned that there may be a 60% increase in the price of bread
- The association said this is due to the increase in prices of baking ingredients as a result of the coronavirus pandemic
- Bakers called on the government to intervene as the high cost of ingredients is killing their businesses
Amid the coronavirus pandemic ravaging the country, Lagos state bakers have warned that the price of bread may go up by 60 percent unless the Nigerian government intervenes.
According to The Guardian, bakers said the price would go up if the government doesn't stop the rising prices of baking materials due to the pandemic. The group appealed to both federal and state governments to step in immediately and arrest the situation for everyone's benefit as the high cost of baking ingredients is killing their businesses.
This was revealed in a statement jointly by the chairmen, Association of Master Bakers and Caterers of Nigeria, Kosofe and Surulere local chapters, Comrade Taiwo Akintola and Comrade Ibitoye Oladapothe. The association went on further to note that following the trend of increase in the prices of raw materials bakers are finding it difficult to make profits.
Speaking on the prices, they noted that a bag of flour before the pandemic costs N9,000 but now goes for N13,000, while a bag of sugar now costs N24, 000 as against the former price of N13,000. The Lagos state bakers went on to add that the prices of salt, yeast, and other baking materials as well had gone up.
The Coronavirus pandemic has really had a lot of impact on the economy as most businesses have suffered losses in this period, prices of raw materials have risen and this has in turn resulted in the hike in price of finished products.
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