There are strong indications that consumers of bread in the country may have to pay more in the coming days as prices of wheat products have continued to rise.
The Deputy Managing Director of Dangote Flour Mills Plc, Mr. Shuaibu Idris, said the cost of the grain surged to a 23-month high last week, after bad weather decimated crops.
According to Idris, the company had been trying to bear the high cost of wheat, adding that the weather had continuously impacted negatively on the crop.
“Imported wheat is our main input and the implication of a price increase is that we shall pass the cost to the consumers. We are running a business, not a charity,” he said
Wheat stockpiles, according to 17 analysts surveyed by Bloomberg, might slip to a two-year low as demand rose.
Nigeria, Africa’s most populous country of more than 140 million people, may increase imports by 5.4 per cent to 3.9 million metric tonnes in the marketing year which began on July 1, the United States Department of Agriculture and Foreign Agricultural Service said in a report in May 7.