Nigeria to import 2.1m metric tons of rice in 2024 & thus becoming one of largest importers of rice–USDA
Nigeria has been projected to be the top global buyer of rice in 2024 with the importation of 2.1 million metric tons.
This was a revelation by the Economic Research Service of the U.S. Department of Agriculture (USDA) on latest Rice outlook, reports Nairametrics.
According to the report, global rice trade will hit about 52.85 million tons (milled basis) by 2024. More exports are expected from Brazil and South Korea. While more imports are expected from Burkina Faso, Indonesia, and Nigeria.
“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. Indonesia’s import forecast raised 600,000 tons to 2.0 million tons.”
However, the report added that weaker rice production is expected in Nigeria and seven other countries.
“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.”
The report added that global rice production in 2023/24 is projected at a record 517.8 million tons (milled basis). This 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.
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 stated that the import forecast for Nigeria was raised by 100,000 metric tons. This is from the earlier projection in October.
The report stated the reason for the increase, “Import forecast is raised based on stronger-than-expected demand for imported rice due to both high prices for domestic rice and quality concerns.”
Recall that 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.
It is expected that this will likely encourage the importation of more rice, among other items, into the country.
