A seven percent decrease in rice production is anticipated for the marketing year, which runs from October to September 2023, as a result of recent flooding and insecurity that have destroyed rice-growing areas.
This is stated in the most recent “Nigeria grain and feed update” from the United States Department of Agriculture.
According to USDA, households have begun to notice a significant spike in the cost of bags of rice, which has increased by roughly 50%, sometimes to N45,000 from N32,000, in certain circumstances.
It stated that a decrease in production to 7.8 million metric tons from 8.4 million tons in 2021–2022 was anticipated.
The consumption of rice was predicted to be 6.9 million tons between 2022 and 2023, a decrease of 5% brought on by increasing prices and declining consumer spending power.
