Despite foreign exchange restriction by the Federal Government and fall in price, Nigerian importers will still spend about N606.4 billion ($1.29 billion) on wheat this year.
The amount is 21.15 per cent of the projected N2.86trillion ($6.1 billion) money spent on wheat importation annually. Findings by New Telegraph revealed that wheat price in Russia had fallen by $21 from $274 to $253 per tonne.
With the new price, the cost of importing the commodity to Nigeria has been reduced by 78.85 per cent. Flour Mills of Nigeria is the country’s largest importer, while other major importers include Dangote, Honeywell, Olam and Seaboard Group.
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