Nigeria to import 2.1 million metric tons of rice, become top buyer globally in 2024 – USDA

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.

https://www.google.com/amp/s/nairametrics.com/2023/11/15/nigeria-to-import-2-1-million-metric-tons-of-rice-become-top-buyer-globally-in-2024-usda/%3famp=1

Tinubu is leading us to the promiseland...
insha allah we thank God we dodged the bullet Peter Obi and landed on the nuclear bomb Tinubu

What happened to our “world's largest rice pyramids,” made with a million bags of rice, by the last Administration

What happened to the CBN anchor borrowers programme

Bobloco:
What happened to our “world's largest rice pyramids,” made with a million bags of rice, by the last Administration

What happened to the CBN anchors borrowers programme

something wey your leaders don take buy bulletproof cars and suvs keep playing...
Tinubu till 2030

So, what happened to Buhari's rice pyramid?


That rice pyramid is the greatest scam in Africa.

Bobloco:
What happened to our “world's largest rice pyramids,” made with a million bags of rice, by the last Administration

What happened to the CBN anchors borrowers programme

What happens to the local rice farmers?
The ones govt banned foreign rice for?
The ones that produce low quality rice that's more expensive than imported rice.
Isn't this a failure of the rice ban?
You banned imported rice to make locally processed ones thrive. They failed to deliver and made rice over 60k per 50kg. Something that was 9k several years back.

HenryWilliams:


What happens to the local rice farmers?
The ones govt banned foreign rice for?
The ones that produce low quality rice that's more expensive than imported rice.
Isn't this a failure of the rice ban?
You banned imported rice to make locally processed ones thrive. They failed to deliver and made rice over 60k per 50kg. Something that was 9k several years back.

It's true u don't need your brains to support APC.

HenryWilliams:


What happens to the local rice farmers?
The ones govt banned foreign rice for?
The ones that produce low quality rice that's more expensive than imported rice.
Isn't this a failure of the rice ban?
You banned imported rice to make locally processed ones thrive. They failed to deliver and made rice over 60k per 50kg. Something that was 9k several years back.

are you happy with the way the north is dominating food production in Nigeria by using their cows to come destroy every farm in the South plus the brutal killing of the southern farmers. And moreover the little rice they are able to produce is simply not enough for over 250 million Nigerians. Causing food inflation

Just thank God for Tinubu

Zonefree:
So, what happened to Buhari's rice pyramid?


That rice pyramid is the greatest scam in Africa.

Bandits have sent people away from their farms.

All the billions Buhari dashed his brothers in the name agriculture yet nothing come out. We told them them that a goat cannot produce a lion they said we hate him.

Bagman own sef go bad pass

delpee:


Bandits have sent people away from their farms.

Wow
What a storyline.

Shithole experience, slave killed their currency to labour for dollars

Bobloco:
What happened to our “world's largest rice pyramids,” made with a million bags of rice, by the last Administration

What happened to the CBN anchors borrowers programme

Here is the honest truth, we can never be the largest producer of rice, unless

1. We have the climate and weather of a Brazil or Thailand

Or

2. We do massive irrigation and irrigation


No matter how much we try we can't compete with Brazil and Thailand in rice production

This country is gone.

What happened to Buhari closing of southern border and locally produced rice?

So much for Buhari's almost eight years ban on rice importation.
The ban failed to achieve it's purpose,it only cause undue hyper inflation in the price of the commodity.

Where are the much celebrated rice pyramids of Buhari along Abuja Airport road and in Kano and the Billions distributed by CBN to farmers in the North as Anchor borrowers rice scheme.
Now we can see how Buhari bankrupted the country by spending Billions on rice with no rice to show

R

Noted.

Let us plant our own rice.

But wait o,
The last time we did that, did Nigerians buy it?

Charity begins at home

Top buyer

Mumu country

Buhari and his evil party APC came to Nigeria to starve citizens

We never knew we were in heaven under PDP

Imagine 50kg of rice was 8k

These satanists in power came and used the growth of local rice production as a bait to induce large scale hunger and suffering in the land...

God will judge all of you and your brainless supporters

Bobloco:
What happened to our “world's largest rice pyramids,” made with a million bags of rice, by the last Administration

What happened to the CBN anchors borrowers programme

that was a scam by buhari, we'll never forgive him

Is dollar a joke to you?


Where is that pervasive Babachir Lawal that projects that NIGERIA will be sufficient to export rice while condemning the CBN governor action to unban the importation of rice.

We are expecting him by next year to fall the CBN governor decision oo.

Corruption will never let this country excel

So after all Buhari gragra and rice pyramid in the north, we are finally back at rice importation

All the money pumped into Agriculture were just a conduit pipe for looting

Don't trust a rudderless, visionless and corrupt leader.

Instead of this let's strive to revive SME and also train our extension officers to train the farmers on modern approach to agriculture and Strive to compete with others globally and invariably increase our revenue which helps the country and her citizens



Anyway, Agriculture is life.

Xxxxtentacion2:
Tinubu is leading us to the promiseland...
insha allah we thank God we dodged the bullet Peter Obi and landed on the nuclear bomb Tinubu

Wickedness is totally bound in thy heart

Dis boy go eat mommy's rice and stew tire. Guyman01.

Guyman01:
oja

Wetin be oja? Go and play with ur fellow kids and let adult comment abeg.
Do u think we are playing here.