Nigeria: Grain and Feed Update

Imports of wheat, rice, and corn in marketing year (MY) 2024/25 are estimated to increase as the economy stabilizes, inflation decreases, and the government implements a temporary zero-duty import policy for the afore-mentioned commodities until December 31. Corn production is expected to increase by six percent in MY 2024/25 to 11.68 MMT compared to FAS-Lagos' April 2024 estimate, due to the expected increase in area harvested as high prices encourage more planting. The depreciation of the naira relative to the CFA franc is expected to continue to result in increased informal exports of corn and rice to neighboring countries, as grain traders take advantage of relatively stronger neighboring currencies.