In 2024, Nigeria is anticipated to import 2.1 million metric tons of rice, potentially securing its position as the leading global rice buyer, as per the latest Rice Outlook report from the U.S. Department of Agriculture (USDA).
The report projects global rice trade to reach approximately 52.85 million tons (milled basis) by 2024, with increased exports from Brazil and South Korea and heightened imports expected from Burkina Faso, Indonesia, and Nigeria.
Meanwhile, weaker rice production is foreseen in Nigeria and seven other nations due to factors like diet diversification, aging populations, and quality concerns.
Nigeria’s import forecast raised by 100,000 metric tons based on robust demand fueled by high domestic rice prices and quality considerations.
This development comes after the recent removal of foreign exchange restrictions by the Central Bank of Nigeria, potentially influencing rice imports.
