Jonathan Josephs is a business reporter.
The World Trade Organization has reduced its global trade growth forecast due to the war in Ukraine.
The impact of the war and related policies has led to a 2.5% growth forecast being cut.
The global supply chain problems that started as a result of the Pandemic have been linked to the cut.
She said disruptions would make food more expensive and she was worried about a food crisis.
Although Russia and Ukraine only make up 2.5% of global merchandise exports, they are very significant in certain sectors, according to Dr Okonjo-Iweala.
The first concern is for the people of Ukraine, who are not having enough food to eat.
She said the global economy was going to suffer some severe consequences, and that poorer countries would particularly feel the impact of the shortages and supply constraints on food.
wheat and corn have been affected by the invasion of Ukraine.
The EU faces a shortage of oil, according to industry groups. According to S&P Global, 46.9% of global exports come from Ukraine and 29.9% from Russia, but it is struggling to export it because of the closed ports.
Dr Okonjo-Iweala warned of looming hunger in poor countries that can least afford it.
35 of 55 countries in Africa imported wheat and other grains from Russia and Ukraine, according to the former Nigerian finance minister.
She said that the African Development Bank shows that food prices in many countries are rising by 50% or more.
Dr Okonjo-Iweala said she was hopeful that there were solutions to the supply problems.
She said that in the short term countries could be changing their diet to eat more local products.
She said Africa was investing in heat tolerant wheat and other crops as it adjusts to climate change.
The cost of other commodities have hit record highs due to the war and economic sanctions on Russia.
40% of global production of the metal that is essential for carmakers comes from Russia's mining industry, which is hugely important for many substances.
The International Monetary Fund warned that soaring inflation will reduce global economic growth this year because of the mismatch between supply and demand caused by the Pandemic.
In the short to medium term, I think that we are going to see these inflationary pressures continue, according to Dr Okonjo-Iweala.
Many countries have used trade as a way to pressure Putin over the decision to invade Ukraine.
Russia was suspended from the World Trade Organization because of the war. The Director-General said that expelling a country from the WTO is not an easy thing to do.
She says there is no way to kick Russia out.
You can watch Dr. Okonjo-Iweala's full interview on Talking Business this weekend.
The show can be seen on the news channel in the UK.
In other countries, it will be on the World News on Saturday, Sunday and Monday.
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