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Energy, Food Price Hike Looms In Nigeria, Others – AfDB



Energy, Food Price Hikes Looms In Nigeria, Others - AfDB

The African Development Bank Group has alerted African nations including Nigeria of a looming hike in the price of food, and energy among others in the coming months.

The multilateral development finance institution noted in a statement that the global food crisis was further triggered by the ongoing war in Europe between Russia and Ukraine.

AfDB President, Dr Akinwumi Adesina, revealed this during the weekend while speaking as a guest at the Atlantic Council’s Africa Center, Naija News understands.

According to Adesina, the costs of fertilizer, rising energy prices, and rising costs of food baskets, could worsen in Africa in the days ahead.

He mentioned this while answering questions from the Council’s Africa Center Chair, Ambassador Rama Yade; Senior Fellow Aubrey Hruby; and Washington/UN correspondent for Jeune Afrique and The Africa Report, Julian Pecquet.

“Speaking about the impact of the Russia-Ukraine war, Adesina expressed sympathy for the people of Ukraine, describing their suffering as unimaginable. He said the war’s ramifications spread far beyond Ukraine to other parts of the world, including Africa. He explained that Russia and Ukraine supply 30 per cent of global wheat exports, the price of which has surged by almost 50 per cent globally, reaching identical levels as during the 2008 global food crisis. He added that fertilizer prices had tripled, and energy prices had increased, all fueling inflation.

“Adesina warned that the tripling costs of fertilizer, rising energy prices, and rising costs of food baskets, could worsen in Africa in the coming months. He noted that 90 per cent of Russia’s $4bn exports to Africa in 2020 was made up of wheat; and 48 per cent of Ukraine’s near $3bn exports to the continent was made of wheat and 31 per cent of maize,” a statement found on the official website of the AfDB quoted Adesina as saying.

He further cautioned that to fend off a food crisis, Africa must rapidly expand its food production.

Adesina, however, noted that the Bank is making necessary efforts to curtail the effects of the food crisis in Africa.