Director-General of the World Trade Organisation (WTO), Nigeria’s Dr. (Mrs.) Ngozi Okonjo-Iweala has said that the ongoing war between Russia and Ukraine would push up the cost of bread, among other things.
She said the war in Ukraine would hurt wheat consumers as the country is a major exporter of wheat.
In a statement, on Wednesday, Mrs. Okonjo-Iweala said the WTO was worried about the implications of the war.
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Her words, “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.
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“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 said.
Speaking at a virtual event with IMF Chief, Kristalina Georgieva, Mrs. Okonjo-Iweala said the war would have a “big impact on wheat prices and prices of bread for ordinary people as well.”