Industry leaders call on Federal Government to take quick deliberate action to reduce effects of disruption in global wheat market on Nigeria’s wheat value chain.
Written by News Room on May 27, 2022
Industry leaders have called on the Federal Government to take quick and deliberate action to reduce the effects of the disruption in the global wheat market on Nigeria’s wheat value chain.
The analysts made the call in a published review on the global wheat market, following the war between the two top wheat-exporting countries – Russia and Ukraine.
According to the analyses, the complicated value chain crises, including the shortage of foreign exchange, increasing cargo charges and rise in the price of diesel, worsened by the war, continue to take a heavy toll on the wheat value chain.
Flour millers have continued to battle with the rising cost of production and low local wheat production and the rising costs is now affecting bakers, which has increased the hardship and cost of living index of local consumers who continue to bear the burden of the increase in the prices of wheat derivative foods and household staples.