The African Export-Import Bank (Afreximbank) has projected that the value of Africa’s rice market will rise from $24 billion in 2024 to $29.2 billion by 2030, driven by growing consumption and population expansion across the continent. This represents a compound annual growth rate (CAGR) of about 4 per cent, according to the newly released Afreximbank Commodity Bulletin Number 1 – 2025.
Despite recent gains in local rice cultivation, Afreximbank noted that Africa still depends heavily on imports to meet demand. The report shows that while rice production increased from 36.9 million tonnes in 2018 to 39.8 million tonnes in 2022, the growth has not kept pace with consumption trends, which continue to be fueled by rapid population growth, rising urbanisation, and changing dietary preferences.
“In 2024, Africa’s rice market was valued at US$24 billion, with projections to reach US$29.2 billion by 2030, reflecting a 4 per cent compound annual growth rate,” the bulletin stated.
The report highlights several key challenges affecting the continent’s ability to achieve self-sufficiency in rice production. These include:
- Inadequate rural and processing infrastructure
- Limited access to improved seeds and modern mechanisation
- High production and logistics costs
- Climate-related disruptions such as droughts and flooding
These constraints, Afreximbank warned, continue to undermine productivity and weaken the competitiveness of locally produced rice when compared to cheaper imports from Asia and other regions.
The bank emphasized the need for stronger investment in irrigation systems, storage facilities, seed development, and mechanised farming, along with policies that encourage private sector participation across the rice value chain.
Agricultural economists say closing the gap between local supply and consumption could significantly reduce Africa’s food import bill, strengthen rural economies, and improve food security.
