Sugar prices are rising worldwide after bad weather tied to El Nino damaged crops in Asia

Skyrocketing sugar prices left Ishaq Abdulraheem with few choices. Increasing the cost of bread would mean declining sales, so the Nigerian baker decided to cut his production by half.

For scores of other bakers struggling to stay afloat while enduring higher costs for fuel and flour, the stratospheric sugar prices proved to be the last straw, and they closed for good.

Sugar is needed to make bread, which is a staple for Nigeria's 210 million people, and for many who are struggling to put food on the table, it offers a cheap source of calories. Surging sugar prices — an increase of 55% in two months — means fewer bakers and less bread.

“It is a very serious situation,” Abdulraheem said.

Sugar worldwide and , the world's second- and third-largest exporters.