Between January and July 2022, Nigeria’s imports of rice from the Thai Rice Exporters Association (TREA), one of the top rice exporters in the world, decreased by 98. 4% to 15 metric tonnes, compared to the 957 metric tonnes imported during the same period in 2021.
Following federal government initiatives to cut imports and boost domestic production, Nigeria’s imports of rice have decreased dramatically in recent years.
In 2021, the Senate Committee on Agriculture observed that the nation imports allows the smuggling of around 2 million metric tons of rice.
As a result of the supply shortage and rising demand, the price of domestic rice has increased to above N37,000 in key markets in Lagos State; with imported rice already selling for an average of N40,000. Nigerians are currently buying bags of rice in a panic.