World Grain - August 2022 - 16

COUNTRY FOCUS
KEY FACTS
FOCUS ON
NIGERIA
Highly consolidated flour milling
sector features major global players
by Chris Lyddon
Nigeria is the largest economy in Africa and a major oil producer.
Its grain processing sector is highly concentrated, with some of
the world's largest food sector players. The government is responding
to the country's dependence on imported wheat, the
disadvantages of which have been highlighted by the effects of
Russia's invasion of Ukraine, by working to increase domestic
production.
In its June 23 grain market report, the International Grains
Council (IGC) put Nigeria's total 2022-23 grains production
at 21.6 million tonnes, a figure revised up from the previous
month's forecast of 21.1 million. It put 2021-22 production at
21.5 million.
The IGC put the country's maize crop at 12.5 million tonnes,
revised up from 12 million forecast a month earlier, but down on
the previous year's 12.7 million. Production of sorghum is put at
7 million tonnes, an unrevised estimate, with the previous year at
6.7 million.
Total grains imports in 2022-23 were forecast at 6 million
tonnes, the same figure as in the previous month's report, up from
the previous season's 5.8 million. Imports of wheat
were forecast at 5.9 million tonnes, an unrevised
figure, up from 5.7 million the
year before.
The 2022-23 rice crop is put at
5.4 million
tonnes, unrevised
from May, with the previous
year at 5.3 million. Nigeria is
expected to import 2.1 million
tonnes of rice, also unrevised,
up from 2 million
the year before.
According to an annual
attaché report on the grains
sector dated April 7, Nigeria
will produce 160,000 tonnes
of wheat in 2022-23, up from
90,000 in 2021-22.
" Rainfed wheat has been successfully
grown in Nigeria's three
16
Capital: Abuja
Population: 225,082,083 (2022 est.)
Religions: Muslim 53.5%, Roman Catholic 10.6%,
other Christian 35.3%, other 0.6% (2018 est.).
Location: Western Africa, bordering the Gulf of
Guinea, between Benin and Cameroon.
Government: Federal presidential republic.
Chief of state and head of government: President
Maj. Gen. (ret.) Muhammadu Buhari (since
May 29, 2015).
Economy: Nigeria is Sub-Saharan Africa's largest
economy and relies heavily on oil as its main
source of foreign exchange earnings and government
revenues. Following the 2008-09 global
financial crises, the banking sector was effectively
re-capitalized and regulation enhanced.
Since then, Nigeria's economic growth has been
driven by growth in agriculture, telecommunications,
and services. Economic diversification and
strong growth have not translated into a significant
decline in poverty levels; more than 62% of
Nigeria's over 180 million people still live in extreme
poverty. Despite its strong fundamentals,
oil-rich Nigeria has been hobbled by inadequate
power supply, lack of infrastructure, delays in
the passage of legislative reforms, insecurity,
and pervasive corruption. Regulatory constraints
and security risks have limited new investment
in oil and natural gas, and Nigeria's oil production
had been contracting every year since 2012
until a slight rebound in 2017. President Buhari,
elected in March 2015, has established a cabinet
of economic ministers that includes several
technocrats, and he has announced plans to
increase transparency, diversify the economy
away from oil, and improve fiscal management,
but has taken a primarily protectionist approach
that favors domestic producers at the expense
of consumers. Buhari ran on an anti-corruption
platform, and has made some headway in alleviating
corruption, such as implementation of a
Treasury Single Account that allows the government
to better manage its resources and a more
transparent government payroll and personnel
system that eliminated duplicate and " ghost
workers. " The government also is working to
develop stronger public-private partnerships for
roads, agriculture and power.
GDP per capita: $4,900 (2020 est.); inflation:
11.3% (2019 est.); unemployment: 16.5% (2017
est.).
Currency: Nairas (NGN): 415 nairas equal 1 US
dollar (July 20, 2022).
Exports: $39.94 billion (2020 est.) note: data are
in current year dollars: crude petroleum, natural
gas, scrap vessels, flexible metal tubing, cocoa
beans.
Imports: $72.18 billion (2020 est.) note: data are
in current year dollars: refined petroleum, cars,
wheat, laboratory glassware, packaged medicines.
Agriculture:
21.1% (2016 est.) of GDP and 70%
of the labor force.
Internet: Code: .ng; 74,210,251 (2020 est.) users.
Source: CIA World Factbook
August 2022 / World Grain / World-Grain.com
http://www.World-Grain.com

World Grain - August 2022

Table of Contents for the Digital Edition of World Grain - August 2022

World Grain - August 2022 - Intro
World Grain - August 2022 - 1
World Grain - August 2022 - 2
World Grain - August 2022 - 3
World Grain - August 2022 - 4
World Grain - August 2022 - 5
World Grain - August 2022 - 6
World Grain - August 2022 - 7
World Grain - August 2022 - 8
World Grain - August 2022 - 9
World Grain - August 2022 - 10
World Grain - August 2022 - 11
World Grain - August 2022 - 12
World Grain - August 2022 - 13
World Grain - August 2022 - 14
World Grain - August 2022 - 15
World Grain - August 2022 - 16
World Grain - August 2022 - 17
World Grain - August 2022 - 18
World Grain - August 2022 - 19
World Grain - August 2022 - 20
World Grain - August 2022 - 21
World Grain - August 2022 - 22
World Grain - August 2022 - 23
World Grain - August 2022 - 24
World Grain - August 2022 - 25
World Grain - August 2022 - 26
World Grain - August 2022 - 27
World Grain - August 2022 - 28
World Grain - August 2022 - 29
World Grain - August 2022 - 30
World Grain - August 2022 - 31
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World Grain - August 2022 - 33
World Grain - August 2022 - 34
World Grain - August 2022 - 35
World Grain - August 2022 - 36
World Grain - August 2022 - 37
World Grain - August 2022 - 38
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World Grain - August 2022 - 40
World Grain - August 2022 - 41
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https://www.nxtbook.com/sosland/wg/2016_01_01
https://www.nxtbook.com/sosland/wg/2015_12_01
https://www.nxtbook.com/sosland/wg/2015_11_01
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http://digital.world-grain.com/sosland/wg/2015_09_01
http://digital.world-grain.com/sosland/wg/2015_08_01
http://digital.world-grain.com/sosland/wg/2015_07_01
http://digital.world-grain.com/sosland/wg/2015_06_01
http://digital.world-grain.com/sosland/wg/2015_05_01
https://www.nxtbook.com/sosland/wg/2015_04_01
https://www.nxtbook.com/sosland/wg/2015_03_01
https://www.nxtbook.com/sosland/wg/2015_02_01
http://digital.world-grain.com/sosland/wg/2015_01_01
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