By Ojo Jeremiah Oladipupo (Siwes student, Efon Poly)
Local rice production decline leads to a 37% increase in prices, with a reported annual supply gap of two million metric tonnes.
The AFEX Wet Season Crop Production Report for 2023 highlights the steady rise in rice consumption in Nigeria, attributing it to the growing rice market and a 2.6% annual population growth.
Despite spending over $15bn in the past decade to meet demand, Nigeria remains a net rice importer.
Global factors, including India’s rice export ban and potential El Nino impact, have contributed to rice prices reaching a 12-year high in 2023.
The firm anticipates a 4% increase in rice production but projects a further 32% rise in paddy rice prices.
