The funds, which had been placed under the Department’s recurrent budget, were used to pay maize flour millers.
The company will be jointly owned by Samcrete Egypt, a leading domestic construction and industrial firm, and Feerum S.A., a Polish manufacturer specializing in grain storage and drying systems
South Africa’s Minister of Agriculture John Steenhuisen welcomed the lifting of the ban, saying that the move marked a return to sound economic principles in the Southern African region.
Rice shortfall in Nigeria has left the country reliant on imports valued at nearly US$2 billion annually.
This move is expected to inject much-needed revenue into the U.S. agricultural sector, which has suffered billions in losses due to the prolonged trade war and reduced Chinese demand.