Nigeria’s Rice Deficit Down By $778.2m

Despite the claim by Federal Government that Nigeria has become Africa’s largest rice producer, the country is still in deficit of 1.56million tonnes valued at N358 billion ($778.2million).
 
The shortfall is 30.95 per cent of the country’s domestic consumption estimated at 6.6 million tonnes. Findings by New Telegraph from Index Mundi, a global import and export portal, revealed that the country had been able to produce 70 per cent of its consumption.
 
As at October 2020, it was gathered that locally milled rice production had reached 5.04million tonnes or N1.15trillion ($2.51billion). Within one year, the Central Bank of Nigeria (CBN) through its anchor borrower scheme has boosted local production by 11.2per cent or 600,000 tonnes. The Minister of Agriculture and Rural Development, Sabo Nanono, had explained in Abuja at the 2020 World Food Day that significant progress had been made to improve agricultural productivity since the inception of the present administration. He noted: “To boost food security…
 
More details through:
https://www.newtelegraphng.com/nigerias-rice-deficit-down-by-n358-2bn/
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