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Find all the economic and financial information on our Orishas Direct application to download on Play StoreThe économie Negro Riane continues to suffer the consequences of Russia's invasion of Ukraine. These include a shortage of cereals. For this reason, 40% of bakeries in Abuja, the Nigerian capital, have closed because of the exorbitant price of flour.
“ Before the conflict in Ukraine began in February last year (2022), flour sold for around $33 but today it is $68, which marks an increase of about 136%. This situation is very dangerous for the survival of any business. However, the government has been able to provide assistance, but prices need to be set according to this increase, and this applies not only to flour, but also to sugar, flavorings, the price of diesel and electricity. The cost of production has therefore increased overall.” This is what Tolulope Phillips, manager of a bakery who is struggling with his business, testifies.
According to economist Johnson Chukwu, Nigeria should achieve food self-sufficiency with local products that could replace wheat, but these alternatives are still too expensive, in his opinion.
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