• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 29, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Cost of bread beyond reach of many Africans – AfDB

Bread

The Matters Press by The Matters Press
May 12, 2022
Reading Time: 2 mins read
0
Price of bread to be reviewed upwards again

The African Development Bank (AfDB) says the cost of bread is now beyond the reach of many households in Africa due to food price increases caused by the Russia-Ukraine conflict.

RELATED POSTS

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

Tinubu succeeding where Obasanjo failed woefully, says TMSG

Dr Akinwumi Adesina, the President of the Bank’s Group, said this in a speech posted on AfDB’s official Twitter handle on Thursday.

Adesina delivered the speech at the United States Senate Appropriation Sub-Committee on State and Foreign Operations with the theme: “Global Food Security and COVID-19 Crises: U.S. Response and Policy Options’’.

He said that Ukraine exported 40 per cent of its wheat and corn to Africa.

Adesina quoted the United Nations as saying “15 African countries imported more than half of their wheat, and much of their fertilisers and oil from Ukraine and Russia’’.

Adesina said the continent was also dealing with a 30 million metric tonnes loss of wheat and corn that would not come from Russia as the conflict raged.

According to him, the economic shocks from the Russian war in Ukraine are causing all of us to pay more to put food on the table.

“The magnitude of food price increases and trade disruptions caused by the Russian-Ukraine conflict have hit Africa harder than other developing regions.

“This is threatening to topple the continent’s food systems already stressed by the COVID-19 pandemic.

“Russia-Ukraine conflict is a huge factor in fertiliser price hiking upwards of 300 per cent.

Our analysis is that Africa faces a fertiliser shortage of two million metric tonnes this year.

“We estimate it will cost about two billion dollars at current market prices to source new fertiliser to cover the gap.

“If we do not mitigate this shortage rapidly, food production will decline by at least 20 per cent.

“This horrific ‘perfect storm’ will see Africa lose more than 11 billion dollars in the value of food production, according to our analysis,’’ he said.

Adesina said the Bank, with the support of the U.S., was prepared to meet these new challenges and others head on.

The president said the Bank had developed an Africa Emergency Food Production Plan of 1.5 billion dollars to be used to support African countries to produce 38 million metric tonnes of food.

The plan, he said would deliver climate-resilient agricultural technologies to 20 million farmers.

“The 1.5 billion dollar plan intends to source 1.3 billion dollars of our own resources.

“With U.S. support to reduce the 200 million dollars financing gap, we can ensure the Africa Emergency Food Production Plan’s success,’’ he said.

Tags: Bread
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Next Post
Nigeria floats $4bn Eurobonds

DMO lists N225bn FGN bond for subscription by auction

25 textile clusters get a boost through SMEDAN

Stakeholders seek political will to revive textile sector

Recommended Stories

Consumer commission, CBN, EFCC investigate violations in money lending

CBN amends FX rates for customs duty on importation

February 24, 2024
We have nothing to hide – NNPC

NNPCL, TotalEnergies sign MoU on methane detection technology

December 20, 2023
Nigeria targets Trans Saharan, Europe gas market

Nigeria, others renew commitment to Trans-Saharan gas project

February 21, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals
  • ‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient
  • Tinubu succeeding where Obasanjo failed woefully, says TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us