In the last few weeks, we have all experienced the impact that COVID-19 has had on food supplies. With supermarkets picked clean, many are wondering whether this is a short-term reaction to the crisis or a prelude to more significant shortages as global trade grinds to a halt. Uncertainty about food availability could spark a wave of export restrictions, resulting in shortages on the global market and price spikes.
Already, there is increased price volatility due to the perceived likelihood of trade restrictions, with wheat prices climbing 8% and rice prices by 25%. Of even greater concern is Nigeria, where rice prices increased by more than 30% at the beginning of the outbreak in March in response to panic purchasing. This volatility, coupled with