The global price of wheat, yesterday, reached a record high at 435 ($453) per tonne in the European market.
The price of the commodity continued to soar following supply disruptions linked to Russias invasion of Ukraine.
The Food and Agriculture Organisation (FAO) of the United Nations, (UN), had said both countries accounted for around 30 percent and 20 percent of global wheat and maize exports, respectively.
The surge in prices, worsened by fertiliser shortages and poor harvests, has also caused inflation globally and raised fears of famine and social unrest in poorer countries. According to FAO, global wheat prices soared by 19.7 percent in April.
On Saturday, India, the worlds second-largest wheat producer, said it was banning exports as a scorching heatwave negatively impacted output and domestic prices hit a record high at 25,000 rupees ($320) per tonne.
The Government said it was worried about the food security of its own 1.4 billion people amid low production and higher global prices.
In Nigeria, wheat is the third most consumed grain. By the end of Q3 2021, the data from the National Bureau of Statistics, (NBS), showed that the country imported durum wheat and mackerel worth N88.46 billion and N30.69 billion, respectively, from Russia.
Nigeria, like other countries, is currently battling inflation on the back of the geo-political tension.
