According to the Department of Agriculture (USDA)’s Economic Research Service report, Nigeria 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.
Nigeria, the largest grower of rice in West Africa region, 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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