HomeEconomyPrice hike: Food prices’ll continue to rise in Nigeria, other African countries,...

Price hike: Food prices’ll continue to rise in Nigeria, other African countries, says Ukraine

Date:

Related stories

Binance executive sues NSA Ribadu, EFCC over detention

The detained Binance executive, Tigran Gambaryan, has sued the...

Bamboo plant a cost-effective alternative to steel, iron rods in buildings – experts

Experts in the construction industry have called for further...

Naira gains 6% at official market

The Naira appreciated against the dollar by 5.97 per...

CBN sells dollars to BDCs at N1,251/$1

The Central Bank of Nigeria (CBN) has sold dollars to Bureau...

FG donates 100 trucks of rice,44 trucks of sorghum to Kano govt.

The Federal Government has donated 100 trucks  of rice,...

The Head of the Ukrainian President’s Office, Andriy Yermak, has said Nigeria and other African countries might face worsening food crisis as a result of the Russian invasion of Ukraine.

Already, the war has affected the prices of staple foods, particularly, bread, in the country.

Russia and Ukraine are among the top five global suppliers of wheat, barley and maize.

Yermak, in an interview with Legit, said the war is directly affecting most African nations.

Price hike: Why cooking gas continues to increase – Marketers

He said the rise in food and energy prices translates to higher prices for all goods.

Yermak said, “The rise in food and energy prices translates to higher prices for all goods. This aspect directly touches the interests of the majority of the inhabitants of the African continent. You are well aware that a critical rise in prices is very likely to be followed by political instability, unrest, and even war.”

When asked how the war would affect the Nigerian economy and Africa, Yerma stated that the effect has already begun.

He further gave instances of how the shortage of wheat supply has caused a sharp increase in the prices of bread in Nigeria and other African countries.

The presidential aide said, “Today, more than 90 million tons of grain are amassed in our storage facilities. Until recently, Ukraine was exporting over 50m tons of grain annually to different regions of the world. Over a quarter of this volume went to African countries.

“For example, Egypt heavily depends on food supplies from Ukraine and is the second buyer of Ukrainian grain after China.

“Ukraine, traditionally, has also been making large food deliveries to other countries of Africa, from Libya, Tunisia, and Morocco to Tanzania. Some of those grain deliveries from Ukraine have also been accepted by Cameroon, Uganda, Sudan, and a number of other countries.

“Even Nigeria, which in 2020 became the fourth largest wheat importer in the world, received part of this volume from Ukraine.”

Culled from Punc

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

X whatsapp