Nigeria’s wheat import rises to N1.29trn in 2021 as price hits nine-year high

Nigeria spent a total of N1.29 trillion on wheat importation in 2021, 71.1 per cent higher that what was spent the previous year, the National Bureau of Statistics (NBS) said.

Nigeria imported durum wheat worth N1.29 trillion in 2021, representing a 71.1 per cent increase compared to N756.92 billion recorded in the previous year, and more than triple the N401.31 billion recorded in 2019.

This was based on Nigeria’s foreign trade data, released by the (NBS).

According to the NBS report, durum wheat import accounted for 6.2 per cent of the total import bill recorded in the review year, representing the second-highest contributor to Nigeria’s import bill and the highest imported food item.

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As of last month, the prices of wheat climbed to a nine-year high as investors worried about a potential supply disruption, being that Russia, the top wheat exporter in the world, might be going to war.

This further increased the costs of food staples around the world.

The escalating crisis over Ukraine has sparked fears that shipments from Russia, which is a heavyweight of global grains trade, could be affected.

Any sanctions by world powers could threaten a vital source of supply at a time when unfavourable weather and robust demand had already reduced crop stockpiles.

Durum wheat is a variety of spring wheat that is typically grinded into semolina and used to make pasta, couscous, bulgur, noodles, and bread, all of which are highly consumed meals in Nigeria.

A further look at the data showed that durum wheat imported in 2021, represents the highest on record.

The disaggregated data showed that the highest wheat import for the year was recorded in the fourth quarter of 2021 at N397.19 billion, followed by the second quarter of 2021 (N324.72 billion), third quarter of 2021 (N315.17 billion), and first quarter of 2021 (N258.3 billion).