How FG is Addressing High Cost of Food Prices — Minister
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 will not impose price controls on food commodities, in line with the principles of a free-market economy, it remains 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.
While 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.
“While we still have a lot of work ahead, our highways have grown safer. The hitherto notorious Abuja-Kaduna highway is one example. As I said, there’s still much more to be done, and we will not relent in our effort.
“Additionally, about 8,000 kidnap victims were successfully rescued. We will continue to work to drive down the number of victims while scaling up our success stories in terms of deterrence, crime-solving, and prosecutions,” he said.
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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 4% in mid-2023 to an average of 16% 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).
The Minister described 2025 as a year of consolidation, building on the progress made in the first 19 months of the Tinubu administration as it approaches its mid-term.
“Over the next three months, as we approach the second anniversary of President Bola Ahmed Tinubu’s Administration, we will bring Honorable Ministers to this platform, on a weekly basis.
“This year 2025 is a year of consolidation, a year for building on the gains we have seen in the first 19 months of the administration. This maiden edition for 2025 is an opportunity to remind us of these gains, and to set the context in which these gains are being recorded, as we proceed into the mid-point of this administration,” he said.
Rabiu Ibrahim
Special Assistant (Media) to the Minister of Information and National Orientation.
February 11, 2025
