News
Nigeria To Import 2.1 Million Metric Tons Of Rice, Become Top Buyer Globally
Nigeria is projected to import 2.1 million metric tons of rice in 2024, which may make the country the top rice buyer globally.
This is according to the latest Rice Outlook report by the Economic Research Service of the U.S. Department of Agriculture (USDA).
The report notes that global rice trade will hit about 52.85 million tons (milled basis) by 2024, with more exports expected from Brazil and South Korea, and more imports expected from Burkina Faso, Indonesia, and Nigeria.
It read:
“Global rice trade in the calendar year 2024 is projected at 52.85 million tons (milled basis), up 345,000 tons from the previous forecast but 460,000 tons smaller than the year-earlier revised forecast of 53.3 million tons. Export forecasts for 2024 are raised for Brazil and South Korea, while import forecasts are raised for Burkina Faso, Indonesia, and Nigeria, with Indonesia’s import forecast raised 600,000 tons to 2.0 million tons.”
Weaker Crops in Nigeria
According to the report, weaker rice production is expected in Nigeria and seven other countries.
The report noted:
“Rice production is projected to continue to decline in Japan and South Korea due to diet diversification and declining and aging populations. Weaker crops are also projected in 2023/24 for Costa Rica, Ecuador, Mali, Nigeria, Turkey, and Uzbekistan.”
It added that global rice production in 2023/24 is projected at a record 517.8 million tons (milled basis), which is a decrease of 340,000 tons from last month’s forecast but 4.4 million tons larger than a year earlier.
Out of the projected rice production figure, Nigeria is expected to produce about 5.23 million tons.
Top rice importer
Data from the report also showed that Nigeria will likely be the leading importer of rice in 2024.
The country will be followed by Indonesia with an import projection of 2 million metric tons and Brazil with a projection of 900,000 metric tons.
It noted that the import forecast for Nigeria was raised by 100,000 metric tons from the earlier projection in October.
On the reason for the increase, the report noted: “Import forecast is raised based on stronger-than-expected demand for imported rice due to both high prices for domestic rice and quality concerns.”
More insight
The Central Bank of Nigeria (CBN) recently lifted the foreign exchange restrictions it placed on importers of rice and 42 other items eight years ago.
This will likely encourage the importation of more rice, among other items, into the country.
There have been mixed reactions following the removal of the restrictions, with some farmers recently showing support for the lifting of the foreign exchange ban on rice importation.
According to this group of farmers, the lifting of the forex ban breaks the monopoly of the processing and marketing of grain by local millers.
Prior to the bank, there appeared to be a decrease in rice import, with data from the Thai Rice Exporters Association (TREA), showing a decrease of 98.4% between the first seven months of 2022, and that of 2021.
However, there is also a likelihood that foreign rice is likely smuggled more than it is officially imported into the country.
About a week ago, the Nigeria Customs Service said it seized 13 trailer loads of foreign parboiled rice, among other items.
The Federal Road Safety Corps (FRSC), Anambra State Sector Command, has confirmed the death of a woman in an accident at Okpoko Market on the Asaba-Onitsha Road.
The Sector Commander, Mr Adeoye Irelewuyi, who confirmed the accident to journalists in Awka on Thursday, said that the woman was hit while she was crossing the road.
He said that the accident, which occurred on Wednesday, involved a commercial tow truck with registration number XA550BMA.
“Eyewitness report reaching us indicates that the truck was towing a vehicle in an uncontrollable speed along the axis.
“The vehicle that was being towed got detached from the tow truck.
“It hit and killed a female adult, who was said to be crossing the road, while the tow truck continued its movement.
“FRSC rescue team came to the scene and took the woman to Toronto Hospital, Onitsha, where she was confirmed dead and her body deposited at the hospital’s mortuary,” he said.
While sympathising with the family of the dead, the sector commander urged motorists, especially tow truck drivers, to exercise a high level of professionalism.
He also urged the drivers to always use standard equipment and avoid speeding.
The Chairman, Poultry Association of Nigeria (PAN), Lagos State Chapter, Mr Mojeed Iyiola, said the state government’s maize palliative to members of the association made a positive impact on the sector.
Iyiola said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.
“We received about 150,000 tons of maize in February from the Lagos State government as palliative to cushion the effect of high feed prices.
“The major benefit of the palliative is that it actually cushioned the cost of production for most poultry farmers in the state.
“The palliative was beneficial as it made the cost of some poultry produce, especially eggs to drop,” Iyiola said.
He noted that prior to the palliative, a crate of egg was sold between N3,500 and N3,700 at the farm gate, but after the palliative, it now sells between N3,200 and N3,400.
According to the PAN chair, retailers and middlemen who sell from N3,800 to N4,200 do that for their personal gain.
“We have urged our members to sell their eggs at reasonable prices following the receipt of the palliative from the government.
“We appreciate the Lagos State government for the palliative but we also urge the federal government to do likewise, to further reduce the cost of production in the sector.
“This will consequently lead to drop in the prices of all poultry produce across board,” he said.
He said the palliative was shared among financial members of the association at no extra cost.
“As an association we shared the grains equally across PAN’s eight zones in the state equally. We also mandated each zone not the sell even a grain of the maize.
“We, however, considered new poultry farmers who wanted to the join the association as beneficiaries of the palliative,” said Iyiola.
He noted that through the palliative, more poultry farmers were recruited into the association.
“The maize was shared only to poultry farmers and not feed millers, it is the major component of poultry feed formulation,” he said.
Woman killed while crossing road in Anambra
LASG’s maize palliative impactful, says poultry association chair
Fagbemi warns against obstructing EFCC from performing its lawful duty
BDCs now buying dollar at ₦980 — ABCON President
Osun Poly Student, Olanrewaju Olatona killed by hit-and-run one-way driver
Seplat Energy celebrates a decade of Dual Listing with Bell Ringing Ceremony at Nigerian Stock Exchange
3 teens arrested in Germany for allegedly plotting terror attack
Breaking…Naira abuse: Court sentences Bobrisky to 6 months in custody
Lagos Court Grants Emefiele N50m Bail
