Global Rice Shortage to Reach Record

Rice production in 2023 is set to log its largest shortfall in 20 years, CNBC reports, citing a forecast from Fitch Solutions. The global shortfall for 2022/2023 would come in at 8.7 million tonnes, the largest deficit since 2003/2004, when global rice markets had an 18.6 million-tonne deficit. 

The ongoing war in Ukraine and adverse weather in rice-producing countries like China and Pakistan have caused a strain on rice supplies, the firm reported. Rising insecurity in Nigeria and import bans have also pushed up the price of one kilogram of local rice, to more than double in seven years, according to findings by Punch.

The price rise is in spite of multibillion-naira funding support by the Central Bank of Nigeria for the country's rice value chain, aimed at boosting production.

The cost of preparing one of Nigeria's best-known dishes, a pot of jollof rice, rose from 9,917 naira to 10,882 naira from September 2022 to March 2023, a report has found.

Source: https://www.linkedin.com/news/story/global-rice-shortage-to-reach-record-5622940/