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2 weeks ago
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- Foreign atom prices person crashed again successful Nigeria pursuing an oversupply successful the planetary market
- An probe shows that a 50kg parboiled overseas atom present sells for N65,000 from N93,000 successful February
- Experts person attributed the autumn to an oversupply from India, which lifted export restrictions owed to a glut
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
Nigerians whitethorn acquisition immoderate reprieve again successful the prices of overseas parboiled atom pursuing a planetary glut successful large producing countries.
The terms clang is owed to oversupply successful India, the world’s largest producer. For the 2nd season, this has accrued planetary stockpiles, forcing atom prices to their lowest successful 15 years.
Source: Getty Images
India’s atom floods the planetary market
Since February, prices of section and overseas atom person reduced and remained comparatively stable.
Findings amusement that a 50kg container of overseas parboiled atom has crashed to N65,000 from N93,000 successful January, showing a 28% diminution year-to-date.
According to a BusinessDay report, India’s 5 per cent breached parboiled assortment was sold astatine $500 to $510/mt arsenic of Monday, April 21, 2025, up from $530 to $536 past week.
Thai’s 100% breached rice, which was sold astatine $413/mt successful March, crashed to $405 successful April, representing an $8 terms drop.
Nigerians to acquisition much terms reductions
Experts accidental they expect further terms drops owed to the existent glut successful the planetary atom market.
Chairman of the Federation of Agricultural Commodity Association of Nigeria (FACAN), Victor Iyama, said the planetary terms clang means that Nigeria volition witnesser a driblet successful prices.
He asked Nigeria to boost its section accumulation alternatively of depending connected a planetary marketplace for cheaper prices.
Legit.ng antecedently reported that successful December 2025, rice prices deed N120,000 per 50kg bag, marking the Yuletide play burdensome for immoderate households.
According to reports, India experienced utmost upwind conditions caused by El Nino, which drove the state to halt atom exports, causing the commodity’s terms to surge during that period.
However, with export restrictions lifted, an summation successful atom proviso is expected to participate the planetary market, which whitethorn pb to a further terms drop.
India lifts Restrictions connected atom exports
The Food and Agriculture Organisation (FAO) said the diminution successful atom prices began successful September past twelvemonth erstwhile India lifted export restrictions, including a 20% work connected Thai breached achromatic atom and parboiled rice.
The state besides pegged atom prices astatine $950 per ton arsenic the minimum export terms for basmati atom to extremity nutrient inflation.
Source: Getty Images
The organisation disclosed this successful its latest atom update, noting a diminution successful export prices for Indica atom from large exporters successful December, attributing the driblet to a slowdown successful caller income and beardown contention for marketplace share.
Also, the currency clang against USD contributed to terms reduction, causing the downward unit already acceptable by India’s abundant Kharif harvest supplies.
Dealers clang the terms of atom by N20,000
Legit.ng earlier reported that the price of rice, a staple food, has crashed again aft rising successful March to implicit N80,000 per 50kg bag.
Findings by Legit.ng showed that sellers reduced the commodity terms from N85,000 per 50kg container to N65,000 arsenic of Sunday, April 13, 2025.
Dealers who spoke exclusively with Legit.ng stated that the clang followed the wide clang successful cereal prices and different nutrient items.
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Source: Legit.ng
