The shortage of foreign exchange, mounting freight charges, and hike in the price of diesel, worsened by the war had continued to take a heavy toll on the wheat value chain.
Flour millers have continued to battle with the rising cost of production and low local wheat production. The rising costs have passed down to bakers, raising the hardship and cost of living index of the hard-pressed local consumers who continue to bear the burden of the increase in the prices of wheat derivative foods and household staples.
The experts said the millers and bakers had come under intense cost pressure as the price of the all-important grain continued to skyrocket in the international market, freight charges spiraling out of control.
The review showed that the price of wheat in the global market shot to $1,000 per bushel in March 2022 from $761.25 in January. On top of that, the millers are expected to spend more on shipping the commodity from the exporting countries as their combined freight bill prediction jumped from N21.6 trillion in 2019 to N28.8 trillion in 2021.