Nigeria Still Major Importer Of Rice, With Over 3.5 Million Metric Tons

AS the demand for large importers of rice increases, Nigeria is expected to take delivery of over 3,500,000 million metric tons this year.
In the last five years, Nigeria has imported about 14.7 million metric tons of milled rice valued at N1.15 trillion ($5,768,400,000).
In 2010, Nigeria took delivery of 2,400,000 million tons of milled rice from Asian countries and America; 2011 – 3,200,000 million tons; 2012 – 2,800,000 million tons; 2013 – 2,800,000 million tons and 2014 – 3,500,000.
With the current global price per ton at $392.41, the Food and Agricultural Organisation (FAO) anticipates an average per capital rice consumption in 2015-16 to around 57 kilogrammes, as there has been a renewed demand by traditional large importers – Nigeria, Bangladeshi, China, the Philippines and Cote d’ Ivoire.
Also, FAO has forecast 2015-16 global milled rice productions at around 500.5 million tons, a rise of 1.3 per cent from an estimated 484.2 million tons in 2014-15. The May 2015 forecast was 500.1 million tons. FAO attributed the increase in global rice production to more buoyant prospect in China, Nigeria and other West African nations.
It expects large production from Thailand. The FAO had put 2015- 16 global rice utilisation at 508.6 million tons, up by 1.8 per cent, from an estimated 499.7 million tons in 2014-15. It estimates the 2015-16 global stocks at around 168.8 million tons, down by about 4.5 per cent, from an estimated 181 million tons last year and slightly down from last month’s forecast of around 168.2 million tons.
The UN agency expects most of the decline in India, Thailand Bangladeshi, Myanmar and Indonesia. FAO estimates 2016 global rice trade at around 42.5 million tons, up by about 2.4 per cent from an estimate of 41.5 million tons in 2015 and slightly up from last month’s forecast of around 42.4 million tons.