By Ola Akanni
As a result of the increase in the cost of flour, Barkers in the country have disclosed that they may double the price of loaves soon.
The President of the Bakers Association of Nigeria, Daud Suleiman, said there was no basis for the continuous increase in the price of flour.
Suleiman who spoke to our correspondent on the side-lines of a stakeholders’ meeting in Lagos, called on the Federal Government and Nigerians to prevail on millers to reduce the rates in the interest of the industry.
He said the price of a bag of flour was N10,300 in January, adding that as of last week, flour was being sold for over N20,000.
He said, “The millers always hinge the hike in price on the dollar-naira exchange rate. But most of them have silos and storage capacity that can sustain them for six months. But as soon as there is a little slide in the exchange rate, they increase their prices.
“They should tell us; do they import every day? At least, if you have your storage, when you exhaust that one, you then buy another one and increase. But in a single month, they can inflate the price of flour three times.”