Nigeria To Export $855.7m Worth Of Rice

A total of 1.75 million metric tonnes of local rice valued at N402billion ($855.7million) is expected to be exported to its major buyers, Burkina Faso and Niger and some neighbouring countries, in 2021.
 
A tonne is projected to cost $489 or N229,830. According to the United States Department of Agriculture (USDA) in its 2021 forecast, Nigeria exported 1.2 million in 2020 production year. Already, the Federal Government had said that rice production would reach 10 million metric tonnes in 2021 through the Central Bank of Nigeria (CBN)’s Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS).
 
However, USDA noted that rice production may not exceed7.8 million tonnes in the 2020-21 marketing year because of the COVID-19 measures, which has restricted access to rice farms during the planting period. Currently, the grain consumption is put at 6.7 million metric tonnes out of which 57 per cent are consumed locally…
 
More details through:
https://www.newtelegraphng.com/nigeria-to-export-n402bn-worth-of-rice/
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