RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Agriculture

TAAT Reveals: African Nations Spend $20 Billion Annually on Wheat Imports

Victoria Attah by Victoria Attah
February 6, 2024
in Agriculture, Business, Commodities, Economy
Reading Time: 2 mins read
A A
0
Global Surge in Wheat Prices Moves African Food Producers to source for Cheaper Alternatives
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Head of Technologies for African Agricultural Transformation (TAAT) Clearinghouse, Dr. Solomon Gizaw, has raised concerns over Africa’s heavy dependence on wheat imports, revealing that the continent collectively spends an estimated $20 billion annually on importing wheat. Dr. Gizaw made this revelation during a Train-the-Trainer workshop on wheat seed production held in Kano.

Attributing the surge in wheat prices and supply disruptions to the ongoing Ukraine-Russia crisis, Dr. Gizaw emphasized the significant financial burden this places on African nations. He stressed that Nigeria, in particular, has the potential to cultivate wheat domestically, thereby ensuring not only its own food security but also contributing to the supply of neighboring African countries.

AlsoRead

FG, States and LGs Share N2.3 Trillion from May 2026 Revenue

FG Dismisses Plans for New Taxes on Fuel and Telecoms

Nigeria’s Current Account Surplus Jumps 256% to $4.98 Billion in Q1 2026

“The fight between Russia and Ukraine impacted the whole of Africa,” stated Dr. Gizaw, highlighting the far-reaching consequences of the conflict. “As a continent, we don’t have food security as our food security is in the hands of others,” he added, underscoring Africa’s vulnerability to external factors.

Dr. Gizaw further explained that the disruption in wheat and fertilizer supply resulting from the Russia-Ukraine war has led to an increase in wheat prices across African nations. Despite these challenges, he expressed confidence that Nigeria could attain self-sufficiency in wheat production if the current momentum is sustained.

In a related development, recent reports by Ratecaptain revealed that Nigeria expended approximately N970 billion on wheat imports between October 2022 and September 2023. During the period from January to September 2023 alone, Nigeria’s wheat imports totaled N783.26 billion, representing a notable increase compared to the corresponding period in 2022.

Wheat flour, a primary raw material in the production of bread, pasta, noodles, and other staple foods in Nigeria, has experienced price hikes due to the disruption in global supply chains caused by the Russia-Ukraine conflict. The conflict has triggered a surge in wheat prices on the global market, contributing to the rising costs of essential food items in Nigeria.

Tags: #NigeriaAfricafood securitysupply disruptionsTAAT ClearinghouseUkraine-Russia crisiswheat imports
Previous Post

Financial Expert Urges Government Action to Boost Naira Through Export Sector

Next Post

Tinubu Promise to Safeguard Nigeria’s Natural Resources Amid Economic Challenges

Related News

FG Records N13.33bn Revenue Shortfall from Gas Flaring Penalties

FG, States and LGs Share N2.3 Trillion from May 2026 Revenue

by Victoria Attah
June 18, 2026
0

The Federation Account Allocation Committee (FAAC) has distributed N2.3 trillion from May 2026 revenue to the Federal Government, states, and...

2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

FG Dismisses Plans for New Taxes on Fuel and Telecoms

by Victoria Attah
June 18, 2026
0

The Federal Government has strongly refuted reports claiming it intends to introduce new taxes on petroleum products and telecommunications services,...

CBN – FG incurred N930.8bn Fiscal Deficit in January and February 2023.

Nigeria’s Current Account Surplus Jumps 256% to $4.98 Billion in Q1 2026

by Jide Omodele
June 18, 2026
0

Nigeria posted a significantly stronger external position in the first quarter of 2026, with the current account recording a surplus...

IMF Warns Rising Stablecoin Use Could Weaken Naira Demand and Monetary Policy

by Bolarinwa Mathew
June 16, 2026
0

The International Monetary Fund (IMF) has raised concerns over the rapid adoption of U.S. dollar-denominated stablecoins in Nigeria, warning that...

Next Post
President Tinubu’s Executive Orders Set to Boost Liquidity in Nigeria’s Forex Market

Tinubu Promise to Safeguard Nigeria's Natural Resources Amid Economic Challenges

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

FG Records N13.33bn Revenue Shortfall from Gas Flaring Penalties

FG, States and LGs Share N2.3 Trillion from May 2026 Revenue

June 18, 2026
2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

FG Dismisses Plans for New Taxes on Fuel and Telecoms

June 18, 2026

Popular Story

  • FG Records N13.33bn Revenue Shortfall from Gas Flaring Penalties

    FG, States and LGs Share N2.3 Trillion from May 2026 Revenue

    0 shares
    Share 0 Tweet 0
  • Naira Weakens to N1,361.5/$ as FX Market Turnover Drops Sharply

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Current Account Surplus Jumps 256% to $4.98 Billion in Q1 2026

    0 shares
    Share 0 Tweet 0
  • FG Dismisses Plans for New Taxes on Fuel and Telecoms

    0 shares
    Share 0 Tweet 0
  • Dangote Refinery Lowers Petrol Price to N1,252 per Litre in Response to Depot Competition

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>