Investor Presentaiton
Rice
With Nigeria's substantial population, the demand for rice
is significant and growing
•
•
Nigeria currently has a per capita rice consumption
of 33 kg and c.US $5-6Bn demand domestically - the
highest in Africa and growing year on year
Rice consumption doubled from 2008 to 2017
reaching 6.3 million tons (t) in 2017
Growth in rice consumption in Nigeria
Forecast
+2.9%
7.6
+1.2%
7.2
6.8
6.4
6.4
6.1
5.7
5.8
However, domestic rice production today is largely sub-scale
and inefficient
•
Nigerian paddy rice production capacity doubled in the
past decade, growing at 10% p/a
• However, rice demand far exceeds domestic supply,
with Nigeria being the 3rd largest importer in the world,
importing 2.2Mt of rice annually, accounting for 36% of
the domestic market consumption
Milled rice
retail
consumption
value¹
($Bn)
2011 2013 2015 2017 2019 2021 2023 2025
5.7 6.4 5.8 6.1 6.5 6.9 7.3 7.7
Milled vol.
(M MT)
1. Rice market estimated top-down based on August 2017 retail prices; 35% of market is cottage milled rice retailed at $838 per MT; 12% of market is commercially milled rice retailed at $986 per MT; 53% of market is imports retailed at $1096 per
MT (derived from NGN 20,000 shelf price inclusive of tariffs)
Sources: OECD-FAO, Agricultural Outlook, 2016; GEMS4 market insights; World Bank; Expert interviews; Dalberg analysisView entire presentation