Why food prices will continue to rise in Nigeria, other African countries

Due to the unending Russian invasion of Ukraine, Andriy Yermak, the Head of the President’s Office of Ukraine has disclosed that the food crisis in Nigeria and other African countries may worsen.

Since Russia unleashed attacks on the neighbouring country in the early hours of Thursday, February 24, 2022, there has been a ripple effect of the war on the global economy.

In March, a report by the United Nations Food and Agriculture Organisation predicted that about 19.4 million people will face food insecurity across Nigeria between June and August 2022.

Speaking in a recent interview with Legit.ng, Yermak said the war is already directly affecting most African nations.

According to him, the rise in food and energy prices translates to higher prices for all goods, because Russia and Ukraine are among the top five global suppliers of barley and maize.

Yermak said: “The rise in food and energy prices translates to higher prices for all goods. This aspect directly touches the interests of the majority of the inhabitants of the African continent. You are well aware that a critical rise in prices is very likely to be followed by political instability, unrest, and even war.”

When asked about how the war would affect the Nigerian economy and the economy of Africa as a continent, Yermak said the effect has already begun.

He explained that the shortage of wheat supply has caused a sharp increase in the prices of bread in Nigeria and other African countries.

“Today, more than 90 million tons of grain are amassed in our storage facilities. Until recently, Ukraine was exporting over 50 million tons of grain annually to different regions of the world. Over a quarter of this volume went to African countries.

“For example, Egypt heavily depends on food supplies from Ukraine and is the second buyer of Ukrainian grain after China.

“Ukraine, traditionally, has also been making large food deliveries to other countries of Africa, from Libya, Tunisia, and Morocco to Tanzania. Some of those grain deliveries from Ukraine have also been accepted by Cameroon, Uganda, Sudan, and a number of other countries.

“Even Nigeria, which in 2020 became the fourth largest wheat importer in the world, received part of this volume from Ukraine,” he said.

Yermak also called on African nations to support Ukraine and join other countries in Europe to sanction Russia.

“It’s in the best interests of all the nations of the African continent to support the efforts to subdue and punish the aggressor. Your voice in international organisations is essential, as well as joining in the sanctions against Russia,” he said.

The presidential aide maintained that only Russia is to blame for the problems in the global market, adding that the country has been stealing grain in the occupied territories and trying to sell it by way of smuggling.