NIGERIANS TO BRACE UP FOR RICE SCARCITY IN THIS YEAR YULETIDE SEASON

There is all indications that there will be rice scarcity in this years Holiday

NIGERIANS TO BRACE UP FOR  RICE SCARCITY IN THIS YEAR YULETIDE SEASON
Gosfem - Free school management software

From all indications, there's every possibility we experience rice supply scarcity during the holiday season. Following the scarcity of containers, a total of N290 billion ($579.75 million) will be paid to shipping lines as freight rates by rice importers before the end of the year.

The affected rice importers, who have their rice trapped in Thailand and other Asian countries, are from Nigeria, Ghana, Togo and Republic of Benin.

Findings revealed that in the first week of October, 2021, the shipping lines imposed $150 on a tonne of parboiled rice valued at $405 because of scarcity of containers.

Out of the total amount, it was revealed by Thai Rice Exporters Association (TREA) that Nigerian rice merchants, who have ordered two million tonnes of the grain would pay $300 millon; Benin, $81 million for 540,000 tonnes; Togo, $56.25 million for 375,000 tonnes and Ghana, $142.5 million for 950,000 tonnes.

Also, it was gathered that the shift from container to bulk shipments had affected the cost of foreign rice importation into Nigeria and other West Africa countries from Thailand, Singapore India and other Asian countries in the last quarter of 2021.

Presently, a bag of foreign rice sells for between N29,000 and N30,000 for the long grain and small grain variety in Nigerian market respectively, while a bag of the local grain is sold between N22,000 and N25,000 depending on the quality.

Statistics by a global trade portal, Index Mundi, revealed that the country imported 1.8 million tonnes or 28 per cent of local consumption last year despite stringent measures by government as local production of the milled rice dropped from 5.04 million tonnes to 4.7 million tonnes in the period.

With all these indications, Nigerians are advices to brace up on what to come this coming holiday season so it wouldn't occur to households as a rude shock.


You Can Also Read