• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

CBN reports drastic decrease in rice import

The Matters Press by The Matters Press
November 7, 2018
Reading Time: 2 mins read
0
CBN reports drastic decrease in rice import

Rice

Rice

The Central Bank of Nigeria (CBN) has reported a drastic decline in the volume of rice importation into Nigeria.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

The drop in metric tonnes was drastic in 2018, judging by figures obtained from various official sources.

Mr Isaac Okorafor, Director, Corporate Communications at the Central Bank of Nigeria (CBN), said in Abuja that figures obtained from India and Thailand, (dominant rice exporters to Nigeria) indicate that as at September, Thailand had so far exported about 5,161 metric tonnes of rice to Nigeria, while India sold only 426 as at July.

Attributing the reduction to concerted efforts by the Ministry of Agriculture and Rural Development and the interventions of the CBN, he said that the Bank had not allocated any foreign exchange for the importation of rice this year.

“The figures being bandied in certain quarters were based on unrealistic assumptions such as satellite mapping of farms, expected demand by politicians for election campaigns and expected losses from flooding.

“All of these led to unauthentic conclusions that the country had imported or could import 400,000 more metric tonnes.”

Okorafor added that the combined figure of 5, 587 tonnes of rice imports from India and Thailand may have been rice imported on not-valid-for-forex basis.

In another development, he said that trade figures for the second quarter of 2018 received from the National Bureau of Statistics (NBS) showed that total imports value was N2.10 billion, 16.3 per cent lower than the first quarter, which was N2.51 billion and -19.9 per cent lower than the first quarter of 2017 N2.63 billion.

The report on the bureau’s site showed that the value of imported agricultural goods in the second quarter of 2018 (N224.52 billion) increased by 21.7 per cent from quarter one, (N184.49 billion) and lower by -3.14 per cent from quarter two, 2017 (N231.80 billion).

According to the report, raw materials imports in quarter two, 2018 (N261.10 billion) declined by -8.3 per cent compared to quarter one, (N284.81 billion) and lower by -14.2 per cent compared to quarter two, 2017 (N304.43 billion).

The solid minerals import in quarter two, 2018 (N17.29 billion) increased by 37 per cent on a quarter-to-quarter basis (N12.62 billion), but declined by -91 per cent on a year-to-year basis (N193.16 billion).

Energy goods imports in quarter two, 2018 (N98.17 million) was 202.6 per cent higher than quarter one (N32.45 million), and 288.5 per cent higher than quarter two, 2017 (N25.27 million).

The NBS reports that the value of manufactured goods imported in quarter two, 2018 (N1,175.86 billion) declined by -1.2 per cent over the previous quarter (N1,189.97 billion) but increased by 1.6 per cent over the same quarter in 2017.”

He recalled that the Federal Ministry of Agriculture and Rural Development and the CBN had been collaborating to reduce the volume of rice importation through what has become famed as the Rice Revolution.

Tags: CBNImportRice
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
Kenya hits the globe for oil investment

Kenya hits the globe for oil investment

Senate probes $3.5b with NNPC

Senate probes $3.5b with NNPC

Recommended Stories

Nigeria, nine others fail to sign air market deal

African airlines cargo volume up 17% January – IATA

March 6, 2024
Unions celebrate Workers Day in Nigeria

NLC’s planned strike in public interest, not against Court’s order – Falana

July 31, 2023
Ebonyi gets Buhari’s approval for SEZ

Ebonyi gets Buhari’s approval for SEZ

November 17, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us