Nigerians To Pay More For Bread As Russia-Ukraine War Rages
The price of bread, one of the most commonly eaten staples in most Nigerian homes is set to rise if the current Russian-Ukrainian war persists.
Russia is the world’s largest exporter of wheat, accounting for more than 18 percent of international exports.
The downside to the war is that if supply from Russia is distorted for whatever reason, Nigeria could be faced with further surging wheat prices in its local market as a result of the supply gap, which could lead to an increase in the price of some other by-products of wheat, such as bread, wheat meal amongst others.
The price of bread was increased by more than 80 per cent between 2020 and 2021.
In 2020, the Association of Master Bakers and Caterers of Nigeria (AMBCN) had hinted at a 50 per cent increase in the price of b...