# The economics of the rice conversation: Between a rock and a hard place – Businessday NG

> Nigeria closed its land borders in August to curb smuggling, and retail rice prices in a 50kg bag rose over 40%, from N15,000 to N22,000. The central bank urged millers to avoid excessive price hikes.

- Date: 2019-10-25 · published 2019-10-25T12:00:00.000Z
- Category: policy · region Nigeria · magnitude low
- Page: https://feedsoft.ai/events/56654-the-economics-of-the-rice-conversation-between-a-rock-and-a-hard-place
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md)

## Why it matters

Border closures tighten Nigerian rice supply and raise domestic prices, increasing import demand pressure in that market. The effect on global benchmark rice prices is limited.

## Read by commodity

- RICE: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| RICE | 2020-08-01 | [Tweak FCI's procurement strategies to boost rice exports: Expert panel \| Economy & Policy News - Business Standard](https://feedsoft.ai/events/51564-tweak-fci-s-procurement-strategies-to-boost-rice-exports-expert-panel-economy.md) | -0.6% | +6.3% |
| RICE | 2023-12-06 | [‘MEP imposed on Basmati to curb illegal export of white rice’  - The HinduBusinessLine](https://feedsoft.ai/events/32647-mep-imposed-on-basmati-to-curb-illegal-export-of-white-rice-the.md) | +0.5% | +0.7% |
| RICE | 2024-03-24 | [Post-harvest support seen as key in taming inflation - BusinessWorld Online](https://feedsoft.ai/events/31272-post-harvest-support-seen-as-key-in-taming-inflation-businessworld-online.md) | -6.1% | +9.3% |
| RICE | 2018-06-24 | [India pares restriction-free food exports to Maldives amid tension in ties \| Economy & Policy News - Business Standard](https://feedsoft.ai/events/64487-india-pares-restriction-free-food-exports-to-maldives-amid-tension-in-ties.md) | -7.9% | -4.8% |
| RICE | 2019-01-20 | [Inflation crisis helps bring sweeping reform to rice growing industry - BusinessWorld Online](https://feedsoft.ai/events/61169-inflation-crisis-helps-bring-sweeping-reform-to-rice-growing-industry.md) | +0.9% | -7.2% |

## Sources

- businessday.ng: https://businessday.ng/agriculture/article/the-economics-of-the-rice-conversation-between-a-rock-and-a-hard-place/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.