Border closure in Nigeria hits hard in India, Thailand and others

Struggling to get life solutions? Contact Mugwenu Doctors. They use herbs and strong spiritual powers to heal long term disease such as pressure, diabetes, ulcers, gonorrhea, syphilis. Life Problems such as love, family problem, hardships in business. For consultation, Call: +254740637248 Learn More

Border closure in Nigeria hits hard in India, Thailand and others Oct 23, 2019 5:27 PM
The border closure in Nigeria which was aimed at curbing smuggling activities, especially of rice, has reportedly affected some rice-exporting countries like India and Thailand.

According to a report by Business Day, the price of the commodity dipped by a joint 46 percent in one month in countries like Thailand and India.

Border closure in Nigeria hits hard in India, Thailand and others
President Muhammadu Buhari had on Wednesday, August 21, ordered the closure of the Seme border.

Between that period and September, the wholesale price of the broken parboiled rice, the species in top exporting countries fell on product glut resulting from a decline in exports. In India, the wholesale price dropped from $0.64/kg in August to $0.40/kg as at 30 September of this year.

In Thailand, the price of the commodity declined by 9.2 percent in the review period. Data from both Thailand and India, which previously accounted for up to 90 percent of Nigeria’s rice imports, show legal imports to the country have declined at the same time. Meanwhile, there are fears that Nigerians may buy a 50kg bag of rice for as high as N50,000 in December 2019 if the land borders remain shut by the federal government.

Already, the price of rice by 86% to an all-time high of N27,000 per 50kg from N14,500, an indication that local rice farmers do not currently have the capacity to meet local demand in the country.

Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newest Most Voted
Inline Feedbacks
View all comments
Oluwaseun Odumusi
October 24, 2019 10:05 am

Urgent attention is needed

Yusuf Riliwan
October 24, 2019 10:46 am

Attention is needed

Oluwatosin Omotola
October 24, 2019 11:45 am

hmmm! Dats bad

Jeremiah Adeliyi
October 24, 2019 11:49 am

ha how would i venture into rice bizznes

N46m fraud: Obaseki removes Oshiomhole’s LG chairman, swears in vice chairman.

Innoson reacts to FG order to relocate manufacturing plant to Lagos, Kaduna in order not to lose license.