Russia’s Invasion of Ukraine: Impact on Global Agricultural Commodities

Russia’s invasion of Ukraine on Thursday which killed several civilians and prompted thousands of residents to flee their homes was the worst attack on a European country since WWII.

It is estimated that the conflict between Russia and Ukraine will spark a surge in global agricultural prices as a result of trade disruptions and sanctions. Analysts estimate that the price of most agricultural commodities will rise by about 25 per cent

Azubuike Nwokyoe, Food and Agricultural Programme Coordinator ACTIONAID, who spoke with News Central on Thursday, described the impact of the conflict on the Global Agriculture Commodity as ‘Challenging’, noting that Ukraine is one of the largest producers of food in Europe alongside Russia.

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He said Russia’s invasion of Ukraine translates to a double jeopardy and a major disruption to the food supply chain because both countries export wheat, rice, bailey, and sunflower.

Azubuike stated that North African countries like Morocco, Algeria, and Tunisia, all depend on Agricultural imports from Russia and Ukraine. He disclosed that Nigeria would also be affected because in 2020, its wheat imports was about $2.60 Billion.

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