Nigeria Projected to Become World’s Leading Rice Importer in 2024 – USDA Report
Nigeria is anticipated to become the world’s leading rice importer, projected to import 2.1 million metric tons of rice in 2024, according to the latest Rice Outlook report from the U.S. Department of Agriculture (USDA).
The report estimates global rice trade to reach around 52.85 million tons (milled basis) by 2024, with increased exports from Brazil and South Korea and higher imports expected from Burkina Faso, Indonesia, and Nigeria.
Weaker rice production is forecasted in Nigeria and seven other countries due to various factors. The global rice production for 2023/24 is projected at a record 517.8 million tons (milled basis), with Nigeria expected to contribute about 5.23 million tons.
The USDA report also indicates that Nigeria will lead in rice imports in 2024, followed by Indonesia and Brazil.
The forecast for Nigeria’s rice imports was raised by 100,000 metric tons due to stronger-than-expected demand driven by high domestic rice prices and quality concerns.
The recent lifting of foreign exchange restrictions by the Central Bank of Nigeria on rice and 42 other items is expected to further encourage rice importation into the country.
While some farmers support the move, citing increased market competition, concerns have been raised about the potential impact on local rice production.
Despite a reported decrease in official rice imports, there is a likelihood of increased smuggling of foreign rice into the country.
Recent seizures by the Nigeria Customs Service include 13 trailer loads of foreign parboiled rice and other items.
Source: Nairametrics
