With continuous rise in inflation, prices of goods and services are hitting the roof as the value chain is bearing the brunt. Managing Director for West Africa, TradeDepot Inc.
Using a product as an example, I will consider flour. Bread is a big market in Nigeria and Africa. We have had inflation on bread now almost 35 per cent. Bread that sells for N300 now sells for about N700. If you look at the main reason, you will discover that it is the source ingredient, which is flour. Half of the flour we use is imported and the wheat is imported into the country. And some of the source materials are also brought in from the Russia and Ukraine axes.
Because we all operate within the country, there is nobody or organisation that is not being affected by it. An example is a restaurant that uses a generator for power supply and at the same time, the generator uses diesel and each of the products that they will use to make their meals are gotten from the market and from suppliers. At each point in time, the prices of things that have increased will affect them.