Rice Imports Drops |
The research by the United States Department of
Agriculture (USDA) has revealed that the importation of rice from the
United States to Nigeria has dropped by 300,000 metric tons in the last
six months.
According to the report, Nigeria’s rice imports dropped by 300,000
tons due to government policy to limit the commodity importation between
January and June, 2016 on prospects for a larger crop.
Nigeria, the world’s second largest rice import market, accounts
for the largest share of the decline in the global rice trade since the
beginning of the year. And as the largest grower of rice in West Africa
region, Nigeria is projected to harvest 2.7 million tons of rice in
2016/17, according to USDA.
The USDA report revealed that foreign rice consumption is expected
to decline in 2016/17 in China and Nigeria. It noted imports by Nigeria
would fall 17 per cent in 2016, due to the recent increase in import
tariffs, declining oil revenues, and foreign exchange restrictions.
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