As the unwavering macroeconomic challenges continue to cripple the nation's economy, breadmakers are also lamenting over the shortage of foreign exchange and the high cost of baking items that have led to the hike in the price of bread witnessed recently.
Breadmakers, under the auspices of the Premium Breadmakers Association of Nigeria (PBAN), made this announcement in Lagos on Monday during a courtesy visit to stakeholders in the baking industry.
It was reported that the high levy on raw materials imported for bread production was also one of the major causes of the hike in the price of bread.
Speaking on the issue, the president of PBAN, Engr. Emmanuel Onuorah, advises the Federal Government to make favourable and implementable policies that will encourage and promote baking in the country.
He said that the government should suspend levies imposed on wheat and other baking materials to encourage investors' survival in the country.
Engr. Onuorah also spoke at Lesaffre Africa BA Nigeria Distribution Ltd., where Ajah also lamented the lack of foreign exchange on raw materials by Nigerian banks to manufacturers.
He also encouraged the French company to establish their production factory in Nigeria instead of importing raw materials from other countries.
He also added that setting up the raw material company will create employment for many Nigerians.
Read more: https://www.investingport.com/bread-makers-lament-over-the-rising-cost-of-baking-items/