%20-%20Nigeria%20is%20the%20no.1%20buyer%20of%20American%20wheat%20according%20to%202010%20data%20from%20United%20States%20Department%20of%20Agriculture%20(USDA).%20Nigeria%20imported%20123%20million%20bushels%20of%20wheat%20from%20USA%20in%202010,%20more%20than%20any%20other%20country.%20The%20growth%20in%20consumer%20market%20has%20led%20todevelopment%20of%20moreflour%20mills%20in%20the%20country.%20Flour%20Mills%20of%20Nigeria,%20Dangote%20Flour%20Mills...){kind=link}
Nigeria is no.1 buyer of American wheat
Nigeria is no.1 buyer of American wheat
Nigeria is no.1 buyer of American wheatMarch 13 (Easy kobo) - Nigeria is the no.1 buyer of American wheat according to 2010 data from United States Department of Agriculture (USDA). Nigeria imported 123 million bushels of wheat from USA in 2010, more than any other country. The growth in consumer market has led todevelopment of moreflour mills in the country. Flour Mills of Nigeria, Dangote Flour Mills and Honeywellare thebiggest flour millers in Nigeria.To stay updated about Nigeria financial environment, visit www.easykobo.com
There is a growing market in Nigera for better quality products such as biscuits, noodles, pasta, bread and snacks. The growth so far is considered to be only tip of the iceberg in terms of potential market for such fast moving consumable goods in a country of more than 150 million people where less than 2% have bank accounts and less than 1% have insurance. An average Nigerian earns $1 a day. So as the income levels rise across the nation, the demand for better consumable goods will boom.
Nigeria does not grow any wheat due to gross neglect in the agriculture sector over the years.
According to USDA long-term projections, continued income growth will make developing countries such as Nigeria, the main source of the projected increases in global food demand and trade. Income growth has increased food imports by developing countries, particularly since higher incomes strengthen the demand not only for traditional food but also for a more diversified diet. As a greater proportion of the world's population seeks to expand the quality and quantity of foods consumed, U.S. agricultural exportssuch as feed and fodder and high-value foodswill continue to increase.
In addition to wheat, major U.S. exports to Nigeria include animal fats and consumer good products. In September 2008, The Government of Nigeria overturned a number of bans on agricultural imports (for example corn) and reduced tariffs on other items (such as rice).
As a result, in 2009 Nigeria became a market for a wider range of U.S. agricultural product exports.
Nigeria's top exports to the United States are cocoa beans, feed/fodder (i.e. bran, bird seed), spices, tree nuts, and shrimp.
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