NEPC Raises Concern Over $480m Annual Rice Importation Cost

The Nigerian Export Promotion Council (NEPC) has expressed concern over the country's staggering $480 million annual expenditure on rice imports. This was revealed during a recent event highlighting the challenges and opportunities in Nigeria's agricultural export sector.

The NEPC noted that despite Nigeria's potential to achieve self-sufficiency in rice production, the heavy reliance on imports continues to strain the economy and foreign exchange reserves. The council emphasized the need to boost local rice production and reduce dependency on foreign imports.

"The current cost of importing rice is unsustainable for our economy," said an NEPC representative. "Nigeria has the capacity to meet local demand through increased investments in agriculture and improved farming practices."

The council urged stakeholders to leverage the agricultural sector's potential to drive economic growth. By enhancing local production, Nigeria could not only meet domestic needs but also tap into export opportunities to generate foreign exchange earnings. NEPC also stressed the importance of investing in modern farming techniques, irrigation systems, and post-harvest processing to improve the quality and quantity of locally produced rice.

The NEPC’s concern over Nigeria’s $480 million annual rice import bill underscores the urgency of investing in local production. Statistics indicate Nigeria produces enough rice to feed only 45% of the nation, the remaining supply is imported from other nations. 

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