Following Federal Government’s failed policy on local wheat production, Nigerian flour millers have ordered N1.75 trillion ($3.14 billion) worth of wheat to meet industrial and domestic demand this year.
The price of the grain has gone up by 14.6 per cent from $420 to $492 per metric tonne in the last one week. Also, demand for the grain in the country has increased by 15.4 per cent or 990,000 tonnes.
Findings revealed that within the last one week, a tonne of the grain increase by $72, as traders attributed the soaring price to the on-going war between Ukraine and Russia, where the millers source wheat, following the decline in local production of the grain…
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News Archive from before July 2018