Rice Industry Review

Rice Industry Review

The Nigerian agricultural landscape is changing, with increased government policies aimed at stimulating private sector involvement and boosting local production of key products.

Goodluck Obi

Partner & Head, Audit

KPMG in Nigeria

Rice Industry Review

In line with the diversification drive of the current administration as well as in fulfilment of one of its cardinal pillars of food security, it is expected that the government will continue to prioritise activities within the Agriculture sector through targeted policies to attract investments.

Globally, rice is a staple food to over 50% of people, providing over 19% of global human per capita energy. Human consumption accounts for about 78% of global production while the balance serves other uses such as feed.

Rice is one of the major staple foods in Nigeria, consumed across all geo-political zones and socioeconomic classes in Nigeria. Only about 57% of the 6.7 million metric tonnes of rice consumed in Nigeria annually is locally produced, leading to a supply deficit of about 3 million metric tonnes.

With rapid growth in the country’s population which is estimated to exceed 200 million by 2019, it is expected that the demand for rice will be sustained and increased in the foreseeable future.

In this document we present an analysis of the rice industry and the tremendous opportunities across the various value chains.

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