A source in the Ministry of Agriculture and Water Resources said the agreement would put an end to the anxieties associated with global scarcity of food items.

"The involvement of the Vaswanni Group in the local production of rice in Nigeria will be a boost for the country" the source said.

In the meantime, the government has been urged to renounce its earlier announced intention to ban importation of rice. Rice has become staple food for majority of Nigerians.

The price of rice have sky rocketed lately, an occurrence which majority of the dealers attributed to bad government policy and to the amount they pay as tariff before the commodity is allowed into the country.

A 50 kg bag now sells as much as N9,000 by most of the dealers, while the retailers offered them for N9,500.

Some concerned Nigerians charged the government to shelf its proposed ban "and if not, in less than two weeks, rice will become the menu for the rich alone and the crisis it will generate is better imagined than experienced."

A consumer, Alhaja Afusat Adetona said, "Given the current globalization trend and an increasingly competitive world economy, Nigeria is now facing strategic choices in foreign rice importation and local production".

"There is reason for government to encourage local rice farmers now, because there is a high level of rice consumption in the country."

Another consumer, Mr. Maruf Animasahun said, "Our leaders must take agriculture very seriously. The amount Nigerians are now buying a bag of rice with is highly provoking despite the nation's huge investment in agriculture.

"Nigerians don't have any replacement for rice. Therefore, the availability of the product in many homes is very important to avert a serious food crisis."

Keywords: nigeria business agriculture