Flour Millers Import $2.31bn Wheat

Bayo Akomolafe Nigerian flour millers have imported 7. 25million tonnes of wheat valued at N1.01trillion ($2.31 billion) between January 2019 and June 2020. Also, despite the sudden hike in price of wheat by 20.03 per cent in Russia, millers using Lagos and Rivers ports are expecting 159, 791 tonnes of the grain valued at N22.4billion ($49.7million) this week.
 
The price of the grain had jumped from $222 to $311 per tonne in between July and August, 2020 because of low output in Europe and United States, leading to strong demand among the importing countries. It was learnt that a no-deal Brexit may further increase the possibility of an import duty of £79 per tonne being applied to wheat from the European Union from January, 2021 in light of the coronavirus created recession.
 
Wheat is used by Flour Mills of Nigeria (FMN), Kings Flour Mill, Honeywell Flour Mill, Crown Flour Mill (CFM) and Dufil Group (De United) to produce noodles, wheat flour, semo and other food. Record by the Nigerian Ports Authority (NPA)’s shipping position indicated that West Bay 22,000 tonnes and Star Dorado, 13, 200tonnes are expected at Greenview Development Nigeria Limited (GDNL)and SFM at the Lagos Port Complex respectively…
 
More details through:
https://www.newtelegraphng.com/flour-millers-import-n1trn-wheat/
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