FG Reduce Food Prices
The Minister of Information and National Orientation, Mohammed Idris, has reaffirmed the Federal Government’s commitment to lowering the cost of food commodities through massive investments in agricultural production.
Idris stated this in Abuja on Tuesday at a press briefing to kick-start the Ministerial Briefing Session for 2025.
He emphasized that while the government would not impose price controls on food commodities, in line with the principles of a free-market economy, it remained focused on reducing prices by boosting agricultural production and increasing supply.
“In the past, we used to have these commodity boards where prices were fixed but in the spirit of free market and encouraging entrepreneurship, especially within the agricultural value chain, government didn’t feel that it was necessary for them to begin to control prices.
“Now, what government is doing is to ensure that there is massive production of food items and it’s a supply and demand issue. Once you have whatever you need in abundance, the tendency is that the price will automatically come down,” he said.
Speaking on the successes in the security sector, Idris said in 2024, the security forces neutralized more than 8,000 terrorists and bandits, and arrested 11,600 others, with more than 10,000 weapons recovered.
He stated that with the government’s sustained efforts against terrorists and bandits, the nation’s highways are becoming increasingly safer.
The Minister added that, following their designation as a terrorist organization by a Federal High Court, security forces are now empowered to apply maximum force against the Lakurawa armed group.
On the economy, Idris stated that the Federal Government’s reforms are delivering significant results across key sectors, particularly with the removal of fuel subsidy, which has successfully plugged leakages amounting to hundreds of billions of Naira annually.
He said the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in December 2023 has enhanced transparency in foreign exchange transactions and facilitated the clearance of billions of dollars in backlogs, and restored investor confidence to the country.
“Last week, the Naira reached an eight-month high in the official market, while foreign capital inflow into the Nigerian Stock Exchange rose from four percent in mid-2023 to an average of 16 percent by the end of 2024,” he said.
Additionally, he said, in 2024, Nigeria emerged as the most attractive destination for oil and gas investments in Africa, securing over $5 billion in Final Investment Decisions (FIDs).
