Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, warns the Russia-Ukraine conflict is endangering global security.
She said in a statement on Wednesday that the organization was devastated by the fighting, which she thought might have been avoided.
The WTO is concerned about the ramifications of the ongoing conflict, which has failed to generate results in talks between Ukraine and Russia.
“We are also concerned about the conflict’s trade ramifications, particularly in agriculture and food items, as well as the rise in energy costs and their effects on the afflicted people,” said Dr Okonjo-Iweala.
Dr Okonjo-Iweala cautioned that the conflict in Ukraine, a key wheat exporter, will harm global consumers.
Okonjo-Iweala claimed the war will have a “huge impact on Wheat prices and prices of bread for regular people” at a virtual session with IMF Chief Kristalina Georgieva.
She went on to say that the WTO is hoping for a “rapid and peaceful settlement” to the problem.
The president of Nigeria Gen. Muhammadu Buhari has granted $8.5 million for Nigerians to be evacuated from Ukraine.
The sanction was provided on Wednesday during a meeting of the Federal Executive Council (FEC) presided by Vice-President Yemi Osinbajo, according to Dada.
According to the minister, AirPeace and Max Air airlines have been chosen to supply three planes to help in the evacuation of Nigerians.
Since last week, Russia and Ukraine have been at odds over Ukraine’s intention to join NATO.
The continuing turmoil in Eastern Europe has impacted around 5,000 Nigerian students.
Nigerian officials have voiced a willingness to relocate their nationals from Ukraine.