Nigeria: Grain and Feed Update
MY2016/17 imports of wheat, rice and corn, combined, are estimated at nearly 6.8 million tons. Post’s MY2016/17 wheat consumption estimate is noted at almost 4.2 million tons; approximately 2.5 percent higher than USDA’s forecast of about 4.1 million tons. Bread consumption continues upward as prices are considered to be affordable. MY2016/17 rice consumption is estimated at 5.0 million tons as consumer purchasing power declines in the face of continuous price increases for imported rice. Corn and sorghum prices doubled. Inflation remains on the rise, with an average price increase of 40 percent in staple foods from June to August. Access to forex continues to be the biggest constraint for importers
in Nigeria.
