Grain price news nigeria

Here are some recent grain price news from Nigeria:

Maize Price

• As of March 2023, the price of maize in Nigeria has increased by 15% to N220,000 per tonne, according to the National Bureau of Statistics (NBS).
• The price increase is attributed to a decline in maize production and a surge in demand for the crop, particularly for animal feed and human consumption.

Rice Price

• The price of rice in Nigeria has increased by 12% to N35,000 per 50kg bag, according to the NBS.
• The price increase is due to a combination of factors, including a decline in rice production, a surge in demand, and a rise in transportation costs.

Sorghum Price

• As of February 2023, the price of sorghum in Nigeria has increased by 10% to N250,000 per tonne, according to the NBS.
• The price increase is attributed to a decline in sorghum production and a surge in demand for the crop, particularly for animal feed and human consumption.

Wheat Price

• The price of wheat in Nigeria has increased by 8% to N45,000 per 50kg bag, according to the NBS.
• The price increase is due to a combination of factors, including a decline in wheat production, a surge in demand, and a rise in transportation costs.

Government Intervention

• The Nigerian government has introduced measures to stabilize grain prices, including the establishment of a grains reserve and the implementation of a grains importation policy.
• The government has also provided subsidies to farmers to increase production and reduce the cost of grains.

Market Trends

• The Nigerian grain market is expected to remain volatile in the short term due to factors such as weather conditions, transportation costs, and global market trends.
• The market is expected to recover in the long term as the government implements measures to increase production and reduce the cost of grains.

Sources

• National Bureau of Statistics (NBS)
• Nigerian Agricultural Quarantine Service (NAQS)
• Nigerian Customs Service (NCS)
• International Grains Council (IGC)
• Reuters
• Bloomberg

Please note that grain prices can fluctuate rapidly and may be affected by a range of factors, including weather conditions, transportation costs, and global market trends. The prices mentioned above are subject to change and may not reflect the current market price.