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Nigeria’s Daily Staple Under Pressure: Impact of Wheat Price Surge on Bread Cost

Posted on

June 24th, 2024

Did you know wheat is Nigeria's third most widely consumed grain after maize and rice? Despite this, Nigeria produces a mere 2% of the wheat it consumes. With a production of just 60 tons compared to a consumption of over 5 million tons, Nigeria has become the world's second-largest importer of wheat, spending ₦331.76 billion in Q3 2023 alone.

The impact of these imports is felt in the rising cost of bread, which saw over 50% increase year-on-year, reaching average of ₦ 1500 per loaf in May 2024.

Find out more about the impact of wheat on Nigeria's economy in this report

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