Commodity Development Initiative: Rice

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Commodity Development Initiative | Cassava | Cocoa| Cotton | Fishery | Livestock and Dairy | Maize | Oil Palm | Poultry | Rice| Soya Bean | Tomatoes | Wheat

General Information

Nigeria is one of Africa's largest producers of rice grains but also the continent's largest importer of milled rice. The current production of rice in Nigeria stands at 7.0 million metric tons with a consumption demand of 10.5 million metric tons which creates a deficit gap of 2.5 million metric tons. The launch of the Anchor Borrowers' Programme (ABP), birthed the rice revolution. As a precursor to the revolution, the Central Bank of Nigeria (CBN) on June 23, 2015, issued a policy circular excluding 41 items (now 43), including rice, from being procured with foreign exchange from the official foreign exchange markets.