Nigeria Spends $503.6m On Soya Meal Amid Surplus

Despite its capacity to produce over one million tonnes of soya beans yearly, Nigeria still depends on importation of 1.06 million tonnes of meal produced from the bean. The import between 2018 and 2020 alone was valued at N236.7billion ($503.6million). Already, the price of the bean has gone up by $121.18 or 21.51 per cent from $353.92 to $475.10 per tonne in the global market because of high demand.
 
Last week, a total of 6,000 tonnes of soya meal was ferried to Lagos Port Complex by MV Joy. Findings from a global trade portal, Index Mundi, revealed that the country imported 320,000 tonnes of soya meal in 2018, while in 2019 and 2020, 368,000 tonnes and 368,000 tonnes were shipped respectively through the seaports to the country. It was learnt that the country is the largest producer of the item in sub-Saharan Africa…
 
More details through:
https://www.newtelegraphng.com/nigeria-spends-n236-7bn-on-soya-meal-amid-surplus/
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