Rice consumption in the country has been on a steady rise, beyond the reach of local supply, leading to a supply gap of about two million metric tonnes annually
The firm said, “Rice consumption in Nigeria has been steadily increasing, aligning with the consistent growth of the rice market, nearly matching the annual population growth projection of 2.6 per cent at two per cent. This has led to a supply gap of about 2 million metric Tonnes annually. Globally, rice prices reached their highest point in nearly 12 years in 2023, primarily due to India’s ban on rice exports and the potential impact of El Nino on production in key regions. These factors, along with rain-induced disruptions and variations in quality during Vietnam’s summer-autumn harvest have further contributed to the price surge.
So far, Nigeria has spent over $15bn in the past decade to meet its expanding rice consumption, despite its potential to be a net rice exporter