Nigeria has achieved 56 per cent rice production in the last one year, leaving a deficit of 2 million tons to meet local demand. The country’s consumption is 4.5 million metric tons annually but the country still depends on foreign rice to meet its huge appetite. It was learnt that despite the refusal of Central Bank of Nigeria (CBN) to grant letter of credit, importers have succeeded in importing 2.3 million metric tons of rice valued at N430.5billion ($1,20billion) in 2017. Average price of parboil rice at the global market is $520 per metric ton since November 2017.