Nigeria, South Korea Ink Rice Deal

Nigeria and South Korea have signed an agreement to set up a rice-processing mill in the West African country in a bid to boost rice production and fight spiraling food prices.

According to official reports, under the agreement, the Korean government will provide the $1.8-million funding for the mill to be set up at Bida in the central Niger state.

Nigeria has pledged to increase rice production from 2.8 million MT to 5.6 million MT annually over the next four years.