Nigerians to pay more for bread over Russia-Ukraine war – Newstrends
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Nigerians to pay more for bread over Russia-Ukraine war

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3 years ago

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The price of bread is set to rise if the current Russian-Ukrainian war persists.

Russia is the world’s largest exporter of wheat, accounting for more than 18 per cent of international exports.

The downside to the war is that if supply from Russia is distorted for whatever reason, Nigeria could be faced with further surging wheat prices in its local market as a result of the supply gap, which could lead to an increase in the price of some other by-products of wheat, such as bread, wheat meal amongst others.

The price of bread was increased by more than 80 per cent between 2020 and 2021.

In 2020, the Association of Master Bakers and Caterers of Nigeria (AMBCN) had hinted at a 50 per cent increase in the price of bread citing the surging cost of raw materials and COVID-19 impact.

According to the Central Bank of Nigeria (CBN), wheat is the third most widely consumed grain in the country, with its local production only accounting for just one per cent of the five to six million metric tons consumed annually, with the country relying on importation to meet local demands.

The demand-supply gap has necessitated the spending of over $2 billion on wheat importation annually, representing the second-highest contributor to the country’s food import bill.

The National Bureau of Statistics (NBS) says Nigeria imported goods valued at N813.19 billion (over $2bn annually) between January and September 2021, representing 3.7% of Nigeria’s total import in the same period.

A further look at the data shows that Nigeria imported durum wheat worth over N128.1 billion in the nine-month period of 2021, while it recorded a N144.14 billion durum wheat import in the previous year.

Also, Nigeria imports different types of seafood from Russia, some of which include mackerel, meat, herrings, blue whiting, other fish, all in frozen form.

It is also worth noting that Nigeria imported vaccines for human medicine from Russia in Q4 2020.

In 2019, Russia and Ukraine together exported more than a quarter (25.4 per cent) of the world’s wheat, according to the Observatory of Economic Complexity (OEC).

In the event of outright aggression, the flow of wheat and grain could be disrupted. Economic sanctions or military action could have a significant effect on the cost of food as importers seek to find alternatives.

Ukraine is the fifth largest exporter of wheat, accounting for seven per cent of sales globally in 2019.

Daily Trust reported President of Association of Master Bakers & Caterers of Nigeria (AMBCN), Mansur Umar, as saying the current situation will definitely lead to an increase in the prices of flour.

He said, “Flour millers are happy to hear of things like this because they will capitalise on it to increase prices by hoarding the product to induce artificial scarcity.

“We are in trouble. I wish we were ready with the cassava flour at least, we can substitute with up to 10 per cent and that will save this country billions of naira.

“As we speak, a major distributor of one of the brands has announced a N100 increase from Monday.”

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Tragedy as 25-year-old man hangs self in Ogun forest

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5 hours ago

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March 14, 2025

By

CSP Omolola Odutola

Tragedy as 25-year-old man hangs self in Ogun forest

The Police Command in Ogun State has launched an investigation into the death of a 25-year-old man, Toye Dominic, whose body was discovered hanging from a tree in a forest near Alagbodagbo Village, Ijebu Igbo.

In a statement released on Thursday, the command’s spokesperson, CSP Omolola Odutola, confirmed the incident and said the body was found around 4:30 p.m.

According to Odutola, a local hunter, Kareem Olawalose, came across the scene while on a hunting trip and promptly reported the discovery to the Ijebu Igbo Divisional Police Headquarters.

After spotting the body, Olawalose sought assistance from a nearby village, where he met the deceased’s elder brother, Joseph Dominic.

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The brother disclosed that Toye had left for the farm earlier in the day but failed to return, prompting a search by concerned family members.

“Policemen and villagers on arrival at the scene, observed that the deceased had set aside his farm tools before proceeding further into the forest, where he was found hanging from a tree.“No suicide note was found, and family members expressed shock and disbelief over the incident,” Odutola said.

She added that officers documented the scene with photographs, and the body was taken to General Hospital, Ijebu Ode, for further examination.
Odutola assured the public that the police would carry out a comprehensive investigation to determine the events leading to the tragedy.

She also encouraged community members to stay alert and support people who might be experiencing emotional distress, emphasizing the importance of mental health awareness and timely intervention.

 

Tragedy as 25-year-old man hangs self in Ogun forest

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Ex-Kwara Gov AbdulFatah Ahmed rearranged in N5.8bn fraud case

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5 hours ago

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March 14, 2025

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Former Governor of Kwara State, Abdulfatah Ahmed

Ex-Kwara Gov AbdulFatah Ahmed rearranged in N5.8bn fraud case

The Kwara State High Court has fixed April 10 and 11 for the continuation of the trial of former governor AbdulFatah Ahmed and his finance commissioner, Demola Banu, over the alleged diversion of 5.78 billion naira from the Universal Basic Education Commission (UBEC) fund.

The Economic and Financial Crimes Commission (EFCC) is prosecuting the two officials, who have pleaded not guilty to the charges.

Testifying in court, Engineer Abdulsalam Olanrewaju, a former project manager at the Kwara State Universal Basic Education Board (SUBEB), revealed that despite the state paying counterpart funds in 2014 and 2015, no contracts were awarded.

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He stated that while the 2013 contractors were eventually paid after protesting delays, funds meant for subsequent projects remained unused.

During cross-examination, Olanrewaju clarified that signatories to the SUBEB account were the accountant, permanent secretary, and executive chairman of the board.

Earlier, a second witness, Dr. Musa Dasuki, emphasized that matching grants from UBEC and SUBEB are strictly meant for school infrastructure and cannot be diverted for other purposes.

 

Ex-Kwara Gov AbdulFatah Ahmed rearranged in N5.8bn fraud case

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Fubara writes fresh letter to Rivers Assembly for 2025 budget presentation

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5 hours ago

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March 14, 2025

By

Rivers State Governor, Siminalayi Fubara

Fubara writes fresh letter to Rivers Assembly for 2025 budget presentation

Less than eight hours after his Chief Judge has been placed on investigation over alleged age falsification, the Rivers State Governor, Siminalayi Fubara, has properly written to the state House of Assembly of his intention to present the 2025 budget.

On Wednesday, Fubara was locked out of the Assembly Complex for what the spokesman of the House, Hon Enemi George said “his inability to formally communicate the House”.

In a letter titled: Notice of Presentation of Rivers State 2025 Budget to Rivers State House of Assembly, and addressed to the Speaker, Martins Amaewhule, the Governor recalled his first visit to the House.

“You may recall my failed visit to the Rivers State House of Assembly on Wednesday, 12th March, 2025 for the presentation of the 2025 Rivers State Budget in compliance with the judgement of the Supreme Court of Nigeria.

“As you know, the planned presentation of the said budget could not take place because my entourage and I were locked out at the gate and denied entry into the premises despite the prior delivery of a soft copy of the notice to you following the failure of the Clerk to accept the hard copy from us.

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“Recall further that before this unfortunate incident, the House issued a 48-hour ultimatum to present the 2025 budget even when we were yet to be served with the certified
true copy of the judgement and accompanying enrolled orders”, he said.

Governor Fubara informed the Speaker in the letter that “we were simply complying with both the order of the Supreme Court and the request of the Rivers State House of Assembly when we came to present the 2025 budget on the 12th of March, 2025.

“The Supreme Court has directed that all arms of government should exercise their
powers and perform their duties within the ambits of the Constitution and ordinary laws of our country, and this we must do to end the lingering stalemate and advance the progress of our state and the well-being of our people.

“No matter the depth of our differences, we believe the interests of the State and our
people should take priority over political conflicts.

“Against this background, it is my pleasure to again notify you, Mr. Speaker, of my desire and intention to present the 2025 Budget to the Rivers State House of Assembly on
Wednesday, 19th March, 2025 by 11.00 a.m. or any other date within March 2025 that you may
consider convenient”.

It is therefore left to be seen if the House will have the courtesy to respond to the letter giving the long time frame for thr presentation of the budget.

 

Fubara writes fresh letter to Rivers Assembly for 2025 budget presentation

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