Bread Prices in Nigeria to Drop as FG Introduces Varieties of Wheat to Bring Down Cost
- Food items like bread, cereals, flour and pasta will soon become more affordable again in Nigeria
- This follows the introduction of wheat varieties by the FG to farmers, which is expected to improve the production of the crop
- The varieties consist of two bread wheat types, namely Borlaug100 and Neloki
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There are indications that the prices of bread, cereals and pasta in Nigeria may soon come crashing down.
The reason for this is the Federal Government's introduction of high-yield wheat varieties to farmers, consequently leading to increased production.
It is believed that the new development, which will further improve wheat production, will also force bread prices to move downwards against the backdrop of heightened cost of living.
Wheat is one of the ten approved crop varieties authorized by the Federal Government to tackle food security, sustainability, and self-sufficiency concerns in the country.
Source: UGC
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FG releases four new wheat varieties
The government granted approval through the National Committee on Naming, Registration, and Release of Crop Varieties, Livestock Breeds, and Fisheries during its 32nd meeting on Thursday, June 22, 2023.
According to The Nation, the meeting occurred at the Conference Hall, National Centre for Genetic Resources and Biotechnology (NACGRAB), located in Moor Plantation, Ibadan, the capital of Oyo State.
Among the newly approved crops are four distinct types of wheat, four varieties of potatoes, and two synthetic maize varieties.
This approval resulted from a prior proposal made by the Technical Sub-Committee (TSC) during the 36th meeting of the National Committee on Naming, Registration, and Release of Crop Varieties, Livestock Breeds, and Fisheries.
The Lake Chad Research Institute in Maiduguri, Nigeria, along with the International Maize and Wheat Improvement Centre in Mexico and the Flour Milling Association of Nigeria, submitted the four newly approved wheat varieties.
These varieties consist of two bread wheat types, namely Borlaug100 and Neloki, and two durum-wheat varieties named Crino and Bayoreca.
During the event, Dr. Anthony Okere, the Registrar of NACGRAB, along with other participants, expressed unanimous agreement regarding the high-yield characteristics of the new wheat varieties.
They emphasized the potential of these varieties to effectively tackle the issue of wheat importation, which significantly contributes to the elevated prices of bread and pasta.
Importance of wheat in Nigeria
Significantly, wheat is the country's third most extensively consumed grain and ranks second-largest contributor to the nation's food import expenditure.
Wheat is a primary component in various food products, including bread, cereals, biscuits, pastries, and pasta. It is processed into flour, which finds application in various culinary preparations.
According to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) in December 2022, the data indicates that rising bread prices play a role in the escalation of food inflation in Nigeria.
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Speaking on the possibility of a crash in bread prices, the General Secretary of the Association of Master Bakers and Caterers of Nigeria, Isolo Zone, Mr Lateef Adebanjo, told Legit.ng that it would be welcomed development.
He said:
Over time, the continued hike in the prices flour which we used for making bread has affected the price of bread. If indeed the newly introduced wheat varieties can increase production, the price of flour will go down, and so will the prices of bread and other foods gotten from flour.
Tough times for Nigerians as bread makers increase prices
In earlier news, Legit.ng reported that bread makers were facing the possibility of implementing a price increase or reducing the sizes of their products due to the escalating cost of a bag of flour, which has exceeded N33,000.
Raji Omotunde, the Chairman of the Lagos State Master Bakers Association, revealed this information to Legit.ng, suggesting an imminent adjustment.
Omotunde highlighted that other essential ingredients like sugar and margarine have also experienced significant price hikes.
He emphasized that reducing the size of bread loaves is being considered as an alternative to another price increase, especially considering their recent price adjustment.
Source: Legit.ng
