Market News
Food Security: More Pressure On Naira As Wheat Import Gulps $60.38m - NEW TELEGRAPH
About 241,543 tonnes of wheat valued at N103 billion ($60.38 million) are expected at Calabar, Tincan Island and Lagos ports this month from nine vessels.
At Lagos Port, Nigerian Ports Authority (NPA)’s shipping data revealed that Desert Pioneer would berth this week at Apapa Bulk Terminal Limited (ABTL) with 55,557 tonnes; Desert Spring, 53,495.
Also, Standard Flour Mills (SFM) is expecting 12,124 tonnes from Global Fortune, while Josepdam is waiting to handle 71,567 tonnes from Bulk Sachuest and Zante with 35,784 tonnes and 33,783 tonnes respectively.
At Calabar Port, three vessels will offload 50,800 tonnes at Ecomarine terminal as Star Mistral has been moored with 17,000 tonnes; Maina,15,000 tonne and MV Altus,18,800 tonnes.
It was learnt that Nigeria produced less than five per cent of its yearly needs, putting pressure on foreign exchange as over 95 per cent of wheat consumed locally is imported.
In July 2024, it was revealed that Nigeria resumed purchases of Russian wheat and based on the interim results of the first two months of the agricultural season (July-August 2024), the country entered the top 10 of its buyers. ng to the Grain Exporters Union (GEU) report, purchases were resumed by private businesses, amounting to around 270,000 tonnes in two months.
According to the union’s Chairman, Eduard Zernin, Russian wheat supplies to Nigeria ceased in May 2022, when the last shipment was made as banks in the country almost immediately stopped payments for their deliveries.
He noted: “The issue of payments remains the key challenge for the development of Russian grain exports.” Citing data from the World Hunger Monitor project, Zernin reported that since the cessation of Russian grain supplies, food security in Nigeria has sharply deteriorated.
In September 2024 , about 237,115 tonnes of wheat valued at N88.42 billion ($53.52 million) were discharged from Anika with 53,400 tonnes; Bulk Endurance, 45,000 tonnes; Maina, 25,674 tonnes; Capt. Eugene, 30,000 tonnes; Desert Harrier, 54,041 tonnes and Supra Duke, 29,000 tonnes as Calabar Port took delivery of 15, 100 tonnes from MV Dirina.
