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

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.

READ ALSO!
Price of Nigerian rice to be slashed to support border closure

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.

READ ALSO!
Price of Nigerian rice to be slashed to support border closure

 

Follow us on Facebook – @Lailasnews; Twitter – @LailaIjeoma for updates

2 Comments

Leave a Reply
  1. Ever since the closure of borders, prices of things have became more expensive. Nigeria rice now sells for#24,000 while foreign rice goes for #26,000. What are you all politicians benefiting from this?

  2. let the borders remain closed…. Nigeria is not a dumping ground let us all go back to the farm….afterall we are eating now that d borders are closed…. let us embrace our local food.

Leave a Reply

Your email address will not be published. Required fields are marked *

Hans Wikkeling cause of death

Hans Wikkeling death: Missing Hans Wikkeling cause of death

Zenith Bank Q3 2019 results reaffirms market dominance, leadership

Zenith Bank Q3 2019 results reaffirms market dominance, leadership