In 2024, Nigeria is anticipated to become the leading global rice importer, importing an estimated 2.1 million metric tons, as per the latest Rice Outlook report from the U.S. Department of Agriculture’s Economic Research Service.
The report indicates a projected global rice trade of 52.85 million tons by 2024, with increased exports from Brazil and South Korea and heightened imports for Burkina Faso, Indonesia, and Nigeria. Weaker rice production is forecasted in Nigeria and seven other countries due to various factors.
Despite a decline in global rice production to 517.8 million tons, Nigeria is expected to contribute around 5.23 million tons.
The report highlights that Nigeria’s import forecast for rice in 2024 has been raised by 100,000 metric tons, attributing it to strong demand prompted by high domestic rice prices and quality concerns.
Notably, Nigeria’s rice importation policies have undergone a shift, as the Central Bank recently lifted foreign exchange restrictions imposed eight years ago, potentially leading to increased rice imports.
Mixed reactions surround this decision, with some farmers supporting it, citing a break in the monopoly held by local millers.
While data from the Thai Rice Exporters Association indicated a substantial decrease in rice imports in the first seven months of 2022 compared to 2021, there are concerns about the possibility of foreign rice being smuggled into the country.
The Nigeria Customs Service recently reported seizing 13 trailer loads of foreign parboiled rice and other items, indicating potential challenges in controlling unauthorized rice imports.
