Premium Breadmakers Association of Nigeria (PBAN) an association comprising owners, managing directors and partners of Premium Bakeries in Nigeria have called on the federal government to look into their plight in the areas of high cost of materials, review of 15 percent levy on wheat grain by federal government and VAT placed on bread.
The call was made recently by the President of PBAN, Tosan Jemide during his speech at the meeting of stakeholders and journalists in the bread industry organised by PBAN in Lagos.
Jemide stated that the premium breadmaking industry currently employs well over 700 Nigerians directly and indirectly, making it a significant employer of labour.
According to him, there will be adverse effects on the economy if the bread industry is allowed to go into extinction. He therefore, advised the government to do everything within their means to ensure that the industry does not go extinct.
The president said “The challenges we face as a result of incessant increases in the prices of baking ingredients has rendered most premium bakeries comatose from operating at a loss; capital injection through loans and equity investments have been pumped into a lot of these businesses and repayments are no longer possible. This has a ripple effect on the economy as a whole as it serves as a disincentive for investment”.
“Between 2015 and now the price of flour which is our major ingredient has increased from N6,500 naira per 50kg bag to N11,500 naira per bag as at today, with the possibility of further price increases. See the data analysis of the percentage increase in prices of baking ingredients in the pages below over the last 3 years to enable you know how precarious the situation of the premium baking industry is”, he added.
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