Importation of Thai rice to Nigeria has reduced as some rice importers in that country have suspended ordering rice from the Thailand
Nigeria is Thailand’s largest rice-export market, particularly for parboiled rice. Exports to this market account for 11.5 per cent of Thailand’s rice exports.
Rice exports to Nigeria dropped 12.09 per cent to US$379.9 million (Bt12.68 billion) in the first eight months of the year.
Thai Rice Exporters Association president Chookiat Ophaswongse said local rice exports to Nigeria had plunged in the past month.
“Nigerian importers have delayed Thai-rice imports, because they’re facing financial difficulties. The Nigerian government is now inspecting all banks in that country to determine whether credit was approved for traders intending to evade high import tariffs,” said Chookiat.
However, Chookiat believes the problem will soon be solved.
Rice imports to Nigeria are subject to a 40-per-cent tariff. The country normally imports 250,000-300,000 tonnes of Thai rice a month.