Nigeria is projected to become the top global rice importer in 2024, importing an estimated 2.1 million metric tons, according to the latest Rice Outlook report by the U.S. Department of Agriculture (USDA). The report suggests that weaker rice production is expected in Nigeria and several other countries, contributing to the increased import forecast. The Central Bank of Nigeria recently lifted foreign exchange restrictions on rice and other items, potentially impacting rice import dynamics in the country. The USDA report notes that global rice trade is forecasted to reach about 52.85 million tons by 2024.
The removal of foreign exchange restrictions by the Central Bank of Nigeria has sparked mixed reactions, with some farmers supporting the move as it breaks the monopoly of local millers. However, concerns about the impact on domestic rice production and food security have been raised. The USDA report indicates that Nigeria’s import forecast was raised based on strong demand for imported rice due to high prices for domestic rice and quality concerns.
This development comes as the country grapples with agricultural and food security challenges, and the dynamics of rice importation will likely play a role in shaping the nation’s agricultural policies and strategies in the coming years.
