Bakers have reported nearly a 100% increase in the cost of wheat flour since April 2023. Mr. Banjo Adeyanju, a Lagos-based bakery manager, noted that the price of a bag of wheat flour has jumped from about N32,000 in May 2023 to around N62,000 in May 2024, representing 94% price increase.
The prices of bread are expected to increase by 50% or more across different sizes in April due to some pressing challenges facing the bakers.
Nigerians have been hit with a further hike in the prices of food items such as flour, groundnut oil, pepper, tomatoes, noodles amongst others.
Members of the bakers association have been directed to increase the prices of bread and other bakeries by 30%.
