Nigeria to be highest Rice Importer in 2024

Nigeria is projected to import 2.1 million Tons of rice in 2024 which would make Nigeria the highest rice importer in 2024.

This is according to the Rice outlook report by the Economic Research Service of the US Department of Agriculture (USDA).

The report says export forecasts for 2024 are raised for Brazil and South Korea, while import forecasts are raised for Burkina Faso, Indonesia, and Nigeria, with Indonesia’s import forecast raising 600,000 tons to 2.0 million tons.

On the 2024 import side, forecasts are raised for Burkina Faso with 525 thousand Tons, Indonesia 2 million Tons, and Nigeria with 2.1 million Tons, but lowered for Brazil, Canada, Ukraine, and Venezuela.

Brazil, Egypt, Ethiopia, Ghana, Indonesia, Kenya, Mozambique, North Korea, the Philippines, Singapore, Tanzania, and Vietnam account for the bulk of the projected decline in global imports in 2024.

Nigerian Rice Import is raised based on stronger than expected demands for imported rice due to both high prices for domestic rice and quality concerns.

Brazil leads the countries projected to have increased rice production in 2024 based on larger harvested area estimates.

Brazil’s Harvested area was raised 150,000 hectares to 1.55 million, more than 5 percent larger than a year earlier.

With Nigeria’s neighbor Benin Republic finding itself as the only African country on the list of countries with increased rice production.

Benin’s Production forecast is raised to a record-high based primarily on larger harvested area. At 135,000 hectares, the harvested area is up 10,000 hectares from the previous forecast and is the highest on record.

Global rice production in 2023/24 is projected at a record 517.8 million tons (milled basis), down 340,000 tons from last month’s forecast but 4.4 million tons larger than a year earlier.