Nigerians to spend more as wheat prices soar

In coming months Nigerians could pay more for bread and other wheat flour-related confectioneries as wheat prices hit fresh highs. This is coming on the back of intensifying fears over a supply shortage, as the conflict in Ukraine halted the grain’s exports from the country and Russia.Both countries account for about 30 percent of the world’s traded wheat and still have crops from last year to ship. “There is no end in sight to the upswing because 30 percent of the world’s wheat exports have been cut off from the global market,” said Muda Yusuf, CEO Centre for the Promotion of Private Enterpri…

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