Rice consumption in the country has been on a steady rise, beyond the reach of local supply, leading to a supply gap of about two million metric tonnes annually, a new report has disclosed. This has led to an over 37 per cent increase in the price of the commodity so far in 2023. These factors, along with rain-induced disruptions and variations in quality during Vietnam’s summer-autumn harvest have further contributed to the price surge. It, however, expects an increase in production of rice by approximately 4 per cent, and a further increase in the price of paddy rice by up to around 32 per cent. While rice is cultivated across all of Nigeria’s agro-ecological zones, the Northwest region accounts for 72 per cent of the total rice production in the country.

Source: Punch November 20, 2023 02:04 UTC