Commodity & Trade Updates

The facility is set to significantly improve disease resistance, accelerate wheat breeding, and enhance yields, as the country seeks to reduce its 80% dependency on wheat imports.

This decline is attributed to the nation’s strategic pivot from flour to raw grain exports, a move that has already resulted in milling operations running at a mere 39% capacity.

The tariffs announced in March have had very little impact on food prices so far.

In a country where the minimum wage is ₦70,000 (approximately $50) per month, rising inflation has forced many Nigerians to prioritize their spending.

This downturn is attributed to wheat import restrictions imposed in June 2024, which disrupted the supply chain for flour producers.