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

Trade

Thailand to increase rice exports to 6 million tons this year

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.

Loading...
(more…)

Continue Reading

Singapore

UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

Singapore’s role as a hub for UK companies, whether as exporters or investors accessing Southeast Asia’s and broader Asian dynamic economies, was elevated by the new UK-Singapore trade agreement (UKSTA) which came into effect on 1st January 2021.

Avatar

Published

on

UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

There was much controversy, before and after the United Kingdom’s (UK) Brexit from the European Union (EU), in talk of it adopting a free trade and manufacturing model similar to Singapore’s.

Loading...
(more…)

Continue Reading

Economics

Cross-border trade is expected to grow up to 3-6%

National News Bureau of Thailand

Published

on

logomain

BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.

Loading...

Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.

According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.

Source link

Continue Reading

Most Viewed

Subscribe via Email

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

Join 14,066 other subscribers

Latest

Trending