FG committed to reducing food prices through agricultural investments – Information Minister

By Kunle Sanni

The Minister of Information and National Orientation, Mohammed Idris, has reaffirmed the Federal Government’s commitment to lowering food prices through substantial investments in agricultural production.

Idris stated this on Tuesday in Abuja at a press briefing to launch the 2025 Ministerial Briefing Session.

He emphasized that while the government will not impose price controls on food commodities—consistent with the principles of a free-market economy—it remains focused on reducing costs by increasing agricultural production and supply.

“In the past, we had commodity boards that fixed prices, but in the spirit of a free market and entrepreneurship, especially within the agricultural value chain, the government decided against price controls. Instead, we are ensuring massive food production. It’s a supply and demand issue—when there is abundance, prices naturally decline,” he said.

Speaking on security, Idris said security forces neutralized more than 8,000 terrorists and bandits in 2024, arrested 11,600 others, and recovered over 10,000 weapons.

He noted that sustained government efforts against criminal elements have made the nation’s highways significantly safer.

“While much work remains, our highways are now safer. A key example is the once-notorious Abuja-Kaduna highway. That said, we will not relent in our efforts.

“Additionally, about 8,000 kidnapped victims were successfully rescued. We will continue working to reduce such incidents while strengthening deterrence, crime-solving, and prosecutions,” he added.

The Minister further stated that security forces are now empowered to apply maximum force against the Lakurawa armed group, following their designation as a terrorist organization by a Federal High Court.

On the economy, Idris highlighted the Federal Government’s reforms, noting significant improvements across key sectors. He said the removal of fuel subsidies has curbed financial leakages worth hundreds of billions of Naira annually.

He also credited the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in December 2023 with enhancing transparency in forex transactions, clearing billions of dollars in backlogs, and restoring investor confidence.

“Last week, the Naira 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 an average of 16% by the end of 2024,” he said.

In addition, he noted that Nigeria became the most attractive destination for oil and gas investments in Africa in 2024, securing over $5 billion in Final Investment Decisions (FIDs).

Looking ahead, 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 nears its mid-term.

“Over the next three months, leading up to the second anniversary of President Bola Ahmed Tinubu’s administration, we will host Honorable Ministers on this platform weekly.

“2025 is a year of consolidation—a time to build on the gains recorded in the past 19 months. This first briefing of the year is an opportunity to reflect on these achievements and provide context as we move toward the administration’s mid-point,” he said.