Wheat price rises by 50% as import falls

The price of durum wheat has risen by 50 per cent since the start of 2022 and its importation has fallen by 16.09 per cent.

This is because of the global scarcity of wheat caused by the Russian-Ukraine and the lack of foreign exchange in the nation

the National Public Relations Officer, National Wheat Farmers, Processors and Marketers Association of Nigeria, Tola Ogunnubi said, “Before the war, it was selling for N27,000 to N28,000 for 100kg, it is N41,000 to N42,000 now.”

The importation of durum wheat into Nigeria crashed by 16.09 per cent year-on-year in the first nine months of 2022. According to data from the National Bureau of Statistics, the total importation of durum wheat into Nigeria was N753.59bn in the first three quarters of 2022, a N144.59bn fall from the N898.19bn it was in the corresponding period of 2021.

Based on the NBS, durum wheat is the major agricultural import into Nigeria. It said, “The major agriculture goods imported in Q1, 2022 included Durum wheat (not in seeds) were from the United States with N71.56bn and Argentina with N59.04bn.

Wheat, which serves as flour, is essential in the production of pasta, bread, noodles, and other food items. The fall in wheat importation which the nation is heavily dependent upon has translated to higher prices for most of these food items.

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