A recent report stated that Nigeria is expected to import 2.1 million tons of rice in 2024, becoming one of the largest rice importers in the world. Nigeria, Africa's most populous country, has expanded its rice imports due to stronger-than-expected demand due to high domestic rice prices. According to the report, global rice trade volume in 2024 is expected to be 52.85 million tons.
Nigeria's National Bureau of Statistics said the country's annual inflation rate rose to 27.33% in October, up from 26.72% in September. Food inflation jumped to 31.52% in October compared with 23.72% in the same period last year. Inflation has risen to a 20-year high and the local currency, the naira, has lost more than 40% of its value since the country scrapped fuel subsidies and exchange controls. (Source: Daily Economy)
