Nigeria: Grain and Feed Update
Post estimates marketing year (MY) 2023/24 wheat consumption to decrease to 4.5 million metric tons (MMT) or 10 percent from USDA's official estimate. Imports for MY 2023/24 are also forecasted to decrease by 9 percent to 4.8 MMT. Consumption and imports are forecasted to decrease due to a weakening naira raising the cost of imported wheat, the ending of the national fuel subsidy that has eroded consumer purchasing power, and soft consumer demand for wheat-based products in favor of lower-cost alternatives. Corn production and consumption in MY 2023/24 is also expected to decrease by 7.3 percent to 11.8 MMT and 4.6 percent to 12.3 MMT, respectively, due to continued insecurity and violence in northern producing regions and high production costs. However rice consumption is expected to increase about 4 percent to 7.8 MMT due to low or no-cost government rice provisions to food insecure populations and an influx of unofficial rice imports.