Local rice millers in Nigeria have continued to invest in processing capacities to significantly bridge the demand and supply gap; however, the non-availability of raw materials and access to cheap working capital remain the biggest challenges, Palash Jain, cofounder and CEO of Kiara Rice Mills, told Platts in an interview. Kiara Rice Mills is Africa’s largest rice mill, with an annual paddy rice processing capacity of 350,000 metric tons. It only processes locally sourced paddy rice, Jain said. Rice pricing dynamics in Nigeria, Benin Republic Globally, the price of rice has plummeted due to a record production in origin markets such as India and Thailand, leading to an oversupply in destination markets and stifling the Cotonou rice market, one of the biggest destination markets for parboiled rice, as the Nigerian government becomes stricter on its border routes. Platts, part of S&P Global Commodity Insights, assessed 5% parboiled CFR Cotonou at $400/mt Nov. 12, $111 lower than ...