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Home Finance

Nigeria Spending $480 Million Annually on Rice Imports, NEPC Reports

2024/12/06
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Nigeria Spending $480 Million Annually on Rice Imports, NEPC Reports
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The Nigeria Export Promotion Council (NEPC) has expressed concern over the country’s annual expenditure of $480 million on importing three million tonnes of rice, describing the trend as “unacceptable.”

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This revelation was made by NEPC Executive Director/CEO, Nonye Ayeni, during a one-day technical support workshop for rice farmers and processors in Lokoja, Kogi State. Ayeni, who was represented by Mr. Aliu Sadiq, Deputy Director of Policy and Strategy, emphasized that the NEPC is working on strategies to reduce rice imports by boosting local production.

Ayeni stated, “The focus on rice production by NEPC is crucial as rice has become one of the major staple foods across Nigeria, consumed by people in all regions and social classes.”

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She explained that Kogi was chosen for the workshop due to its position as the second-largest rice producer in Nigeria, with an annual output of 1.5 million metric tonnes. She encouraged farmers to apply the skills and practices taught at the workshop to enhance production.

Under the Renewed Hope Agenda, Ayeni noted that the Nigerian government is committed to achieving food security by addressing challenges faced by farmers, such as security, infrastructure, foreign exchange, and access to inputs for increased production.

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NEPC Kogi State Coordinator, Usenide Aniekpeno, emphasized the role of rice in Nigeria’s food security strategy, stating that it is not only a dietary staple but also a vital source of income for millions of Nigerians.

Victor Omifaiye, Director-General of the Kogi Commodity Exchange, shared plans to help farmers access agricultural loans through NEXIM and the Bank of Agriculture.

Femi Ajisafe also highlighted the need for government intervention in pricing agricultural products, warning that the current situation, where buyers dictate prices to farmers, could deter Nigerian youth from pursuing farming.

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