Minister: FG Is Determined to Lower Food Prices Through Agricultural Investments

The Minister of Information and National Orientation, Mohammed Idris, has reiterated the Federal Government's dedication to reducing the cost of food items through significant investments in agricultural production. Idris made this statement in Abuja on Tuesday during a press briefing that marked the commencement of the Ministerial Briefing Session for 2025. He highlighted that while the government will refrain from implementing price controls on food items, in accordance with the principles of a free-market economy, it remains committed to lowering prices by enhancing agricultural output and increasing supply. “In the past, we had commodity boards that fixed prices, but in the spirit of promoting a free market and fostering entrepreneurship, particularly within the agricultural value chain, the government deemed it unnecessary to control prices. Currently, the focus is on ensuring substantial food production, as this is fundamentally a supply and demand issue. When there is an abundance of goods, prices are likely to decrease naturally,” he stated. Regarding achievements in the security sector, Idris reported that in 2024, security forces neutralized over 8,000 terrorists and bandits, apprehended 11,600 individuals, and recovered more than 10,000 weapons. He noted that due to the government's ongoing efforts against terrorism and banditry, the safety of the nation’s highways is improving. “Although there is still considerable work to be done, our highways have become safer. The previously dangerous Abuja-Kaduna highway serves as a prime example. As I mentioned, there is much more to accomplish, and we will persist in our efforts. “Furthermore, approximately 8,000 kidnapping victims were successfully rescued. We will continue to strive to reduce the number of victims while enhancing our success in deterrence, crime-solving, and prosecutions,” he added. The Minister indicated that, following the classification of the Lakurawa armed group as a terrorist organization by a Federal High Court, security forces are now authorized to utilize maximum force against them. Regarding the economy, Idris noted that the reforms implemented by the Federal Government are yielding substantial outcomes across critical sectors, particularly highlighted by the elimination of the fuel subsidy, which has effectively addressed leakages totaling hundreds of billions of Naira each year. He mentioned that the launch of the Electronic Foreign Exchange Matching System (EFEMS) in December 2023 has improved transparency in foreign exchange dealings and has aided in clearing billions of dollars in outstanding transactions, thereby restoring investor confidence in the nation. “Last week, the Naira achieved an eight-month peak in the official market, while foreign capital inflow into the Nigerian Stock Exchange increased from 4% in mid-2023 to an average of 16% by the conclusion of 2024,” he stated. Furthermore, he remarked that in 2024, Nigeria became the most appealing destination for oil and gas investments in Africa, securing over $5 billion in Final Investment Decisions (FIDs). The Minister characterized 2025 as a year of consolidation, aimed at building upon the advancements made during the initial 19 months of the Tinubu administration as it nears its mid-term. “Over the next three months, as we approach the second anniversary of President Bola Ahmed Tinubu’s Administration, we will invite Honorable Ministers to this platform on a weekly basis. “This year, 2025, is designated as a year of consolidation, a time to build on the achievements observed in the first 19 months of the administration. This inaugural edition for 2025 serves as a reminder of these accomplishments and establishes the context in which they are being realized as we move toward the mid-point of this administration,” he concluded. Rabiu Ibrahim Special Assistant (Media) to the Minister of Information and National Orientation.