Red Sea Attack: Nigeria, others face fresh wheat, flour supply crisis

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Nigeria and other African countries are expected to experience continuous food inflation in the coming months owing to the disruption in global trade as a result of attacks on shipping lines by Houthi Rebels in the Red Sea.

This is contained in a report compiled by Afreximbank on the implications of the Red Sea attacks on African trade and macroeconomic stability.

It stated: “We note that the higher freight costs caused by disruptions in the Red Sea are not only set to filter into consumer prices globally but also poised to heighten inflationary pressures on the African continent. The higher freight costs resulting from the rerouting of Africa-bound vessels through the longer Cape of Good Hope may lead to higher inflation due to elevated import prices.

The Red Sea is a major global trade route, accounting for about 15 per cent of global shipping traffic linking Europe, the Middle East and parts of Africa. Early data from the first quarter of this year show that trade volumes through the Suez Canal have plunged by over 50 per cent while trade volumes in the Cape of Good Hope skyrocketed by 74 per cent year-on-year. This re-routing will filter into consumer pricing and heighten inflationary pressures in Nigeria and the rest of Africa.

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, announced that all the technical problems related to the uploading of the National Identification Number for participants in the Presidential Conditional Grant Programme also known as the Trade Grant Scheme have been resolved.

 

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