- The government of Thailand has struck preliminary deals to export a total of 760,000 tonnes from its huge stockpiles to several countries in Africa.
- The Thai Rice Exporters Association said Wednesday the rice will be supplied to Nigeria, Mozambique, and South Africa.
- This is coming despite the ban placed on importers of rice, and other items from the official foreign exchange market by the Central Bank of Nigeria.
Reuters quoted Chukiat Opaswong, honorary president of the association, in a phone interview from Johannesburg, saying most of the rice going to Africa is parboiled and shipments will start in September.
- The rice would be sold at around $430 a tonne netting the government more than $325 million.
Nigeria is one of the major importers of the commodity from Thailand importing about one million tonnes of rice valued at about $700 million every year.
Central Bank of Nigeria Governor Mr. Godwin Emefiele had on Tuesday bemoaned the high bill on rice importation which had resulted in huge unsold stock of rice cultivated by indigenous farmers as well as low operating capacities of the many integrated rice mills in the country.
- A research by Bloomberg revealed that Thailand Government currently holds around 17.8 milliom tons in stock piles and was keen on selling 10 million tons of stockpiled rice in 2015 and around seven million in 2016 through tenders.
- Source: Reuters