The Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala has said the Russia-Ukraine war will push up the cost of bread, among other things.
Okonjo-Iweala made this known in a statement on Wednesday. She said the organisation was worried about the implications of the war, adding that the war in Ukraine will affect wheat consumers because Nigeria is a major exporter of wheat.
She said, “At the WTO, we have watched this tragedy in Ukraine unfold with disbelief and the hope that it would have been peacefully resolved,” the statement reads.
“However, this is now the 7th day, and we are deeply saddened by the continued suffering and loss of life. We pray that there will be a peaceful and quick resolution.
“We are also concerned about the trade implications of the conflict, especially trade in agriculture and food products and the rise in energy prices and their effects on the impacted population,” she added.
Speaking at a virtual event with IMF Chief, Kristalina Georgieva, Okonjo-Iweala said the war will have a “big impact on wheat prices and prices of bread for ordinary people as well.”
