Global wheat prices fall in boon to Nigerian bakers caught in trap of rising cost

Global wheat prices are falling Friday ahead of the signing of a deal that would allow stranded wheat to leave Ukraine for a hungry world including Nigeria where bread prices have surged

The price of a ton of wheat has jumped to $350 from $200 last year.

This follows an announcement by Turkey which says it’s brokered a deal with Russia to unblock exports of grain from Ukraine through the Black Sea. The deal is due to be signed in Instanbul this afternoon by both countries and the UN secretary-general.

The Russian defence minister is already in Istanbul to sign the deal.

Read also: Nigeria’s fish, wheat imports from Russia tumble 83%

Ukraine is one of the world’s largest grain suppliers to the world but Russia which invaded Ukraine in January has been blocking its main seaports.

The global shortage of wheat has sent bread prices surging in Nigeria and the rest of the world, threatening hunger and people’s revolution in some countries.

Although Ukrainian officials at the talks caution against optimism claiming Russia cannot be trusted, diplomats are hopeful.

“We don’t trust Russians at all,” said Oleksiy Honcharenko, a Ukrainian negotiator.

The deal will involve Ukrainian vessels guiding grain-carrying ships through mined waters and Russia agreeing to allow the vessels safe passage along the Black Sea.

Under the deal, Turkey would inspect the vessels and provide guarantees to Russia that the Ukrainians would not be ferrying in weapons via the route.