Farmers say that there are more than 1 million metric tons of paddy rice lying unsold in warehouses and on farms nationwide
The sharp fall in Nigerian market prices is squeezing traders who held long positions earlier in the year expecting carry-over Q2-Q3 price strength.
The announcement comes ahead of the Bharat International Rice Conference (BIRC) 2025, a flagship event that will explore trade opportunities and strengthen India’s dominance in the global rice supply chain.
Rice shortfall in Nigeria has left the country reliant on imports valued at nearly US$2 billion annually.
Kenya maintained the region’s highest rice price at US$1,264 per metric ton (MT) in both months, reflecting a marginal month-on-month decline of 0.03%