Details: Inside F.G’s Plan To Lower Prices Of Food

The Federal Government has reaffirmed its commitment to reducing food prices through large-scale investments in agricultural production rather than imposing price controls, Minister of Information and National Orientation, Mohammed Idris, has said.

Speaking in Abuja on Tuesday at a press briefing to commence the 2025 Ministerial Briefing Session, Idris emphasized that the government’s approach aligns with free-market principles, ensuring that food prices drop naturally through increased supply.

“In the past, we had commodity boards where prices were fixed, but in the spirit of a free market and encouraging entrepreneurship within the agricultural value chain, the government decided not to control prices,” he stated. “Now, our focus is on ensuring massive food production. It’s a supply-and-demand issue—when food is abundant, prices will come down automatically.”

The Minister highlighted that ongoing security operations have played a role in stabilizing agricultural activities by reducing threats from bandits and terrorists. In 2024, security forces neutralized over 8,000 terrorists and arrested 11,600 suspects, with more than 10,000 weapons recovered.

He noted that the improved security situation has made highways safer, citing the Abuja-Kaduna road as a key example. “About 8,000 kidnap victims were successfully rescued last year. While challenges remain, we are making significant progress in ensuring safety and stability,” he added.

On economic reforms, Idris said policies such as fuel subsidy removal and the introduction of the Electronic Foreign Exchange Matching System (EFEMS) have enhanced transparency and boosted investor confidence. He pointed out that the Naira recently reached an eight-month high in the official market, while foreign capital inflow into the Nigerian Stock Exchange increased from 4% in mid-2023 to 16% by the end of 2024.

Additionally, Nigeria secured over $5 billion in Final Investment Decisions (FIDs) in the oil and gas sector, making it Africa’s top investment destination in 2024.

Looking ahead, the Minister described 2025 as a year of consolidation for the President Bola Tinubu administration, promising continuous progress as the government approaches its second anniversary.

“This year is about building on the gains of the first 19 months of this administration,” Idris said. “We will continue to update Nigerians on these achievements as we move towards the mid-point of President Tinubu’s tenure.”