Yara CEO warns of global auction that would leave poorest countries scrambling for supplies they can ill afford
The Iran war could have “dramatic consequences”, causing food shortages and price rises in some of Africa’s poorest and most vulnerable communities, the head of the world’s largest fertiliser company has said.
Svein Tore Holsether, the chief executive of Yara International, said world leaders needed to guard against soaring prices and shortages of fertiliser causing a de facto global auction that would leave the poorest countries, particularly in Africa, scrambling for supplies they could ill afford.
“The most important thing we can do now is raise the alarm on what we are seeing right now – that there is a risk of a global auction on fertiliser that means it becomes unaffordable for those most vulnerable,” he said.
“Africa is actually quite well positioned to be a major food producer, not only for self-sufficiency, but even for exports to the rest of the world, but the reality is that they are massive food importers.
