Connect with us

Trade

Thailand, India dumping 15-yr-old rice in Africa

Nigerian Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, has raised the alarm that some countries, particularly Thailand and India, are dumping rice that are as old as 15 years in the country.

Bahar Karaman

Published

on

Rice price and exports

Nigerian Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, has raised the alarm that some countries, particularly Thailand and India, are dumping rice that are as old as 15 years in the country.

The minister, who speake at the 2012 annual lecture of the Chartered Institute of Bankers of Nigeria CIBN in Lagos, disclosed that Nigeria had become the largest importer of rice in the world, warning that except the country embarked on aggressive import substitution programme for rice, it would be spending $150 million annually importing rice by 2050.

“A lot of the rice imported into Nigeria, especially from Thailand and India, is 10 to 15-year-old rice coming out of their strategic grain reserves. It is being dumped on our market and that is why it is so cheap.

But as that happens, Nigerian rice farmers are being run out of business. Nigeria is now the largest importer of rice in the world. As our population rises, demand for rice is projected to rise from the current level of five million metric tonnes to 36 million metric tonnes by 2050.

“Unless Nigeria begins an aggressive import substitution programme for rice, it will spend $150 billion annually importing rice by 2050. The nation will be broke,”

he warned.The minister, who spoke on ‘New Agricultural Transformation in Nigeria: Opportunities for banks and other stakeholders in economic diversification,’ suggested that to unlock the potential in the agricultural sector, there is need for realigning the banking and finance sector to lend more to agriculture, regretting that banks in the country are yet to harness this potential, as they currently lend less than three per cent of their commercial loans to the sector.

via Thailand, India dumping 15-yr-old rice in Nigeria – Govt.

Comments

China

RCEP and China: Reimagining the future of trade in Asia

The Regional Comprehensive Economic Partnership (RCEP) could eventually usher in an era of much deeper regional integration: for corporates doing business in the region, their future success may well hinge on how adeptly they manage to navigate the evolution of Asia’s trade landscape under the RCEP.

Avatar

Published

on

Last month, 15 countries in the Asia-Pacific region – including the 10 member states of the Association of Southeast Asian Nations (ASEAN) as well as China, Australia, Japan, New Zealand, and South Korea – signed the landmark Regional Comprehensive Economic Partnership (RCEP) on the final day of the 37th ASEAN Summit.

(more…)
Continue Reading

Trade

Will RCEP help drive South-east Asia’s Covid-19 recovery?

The Regional Comprehensive Economic Partnership (RCEP) was finally signed on Sunday November 15, on the sidelines of the annual summit of the Association of South-East Asian Nations (ASEAN).

Oxford Business Group

Published

on

Marking a significant regional milestone, it is hoped that the RCEP will help its 15 signatories recover from the economic fallout of the coronavirus pandemic.

(more…)
Continue Reading

China

Thailand ready to ink big Chinese-backed trade deal

The RCEP will cover all 10 Asean member states plus five partners: China, Australia, Japan, New Zealand, and South Korea and will take effect from the middle of 2021 if at least six Asean members and three partners agree to its terms.

Olivier Languepin

Published

on

Thailand is set to sign the world’s biggest free trade agreement with Japan, China, South Korea and 12 other Asia-Pacific countries at the 37th Asean Summit this week.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,632 other subscribers

Trending