The Minister of Information and National Orientation, Mohammed Idris, has reaffirmed the federal government’s determination to lower the cost of food commodities through extensive investments in agricultural production.
Speaking in Abuja on Tuesday during a press briefing to launch the Ministerial Briefing session for 2025, Idris emphasized that the government will not impose price controls on food items, adhering to the principles of a free-market economy. Instead, it is focused on reducing prices by increasing agricultural output to boost 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.
Idris highlighted that increased agricultural production would directly impact food prices, ensuring affordability for citizens. This strategy aligns with the federal government’s broader efforts to strengthen food security and economic resilience.
In addition to addressing food prices, Idris provided updates on security, revealing that over 8,000 terrorists and bandits were neutralized in 2024, with 11,600 arrests and more than 10,000 weapons recovered. He added that approximately 8,000 kidnap victims were rescued, signaling a significant improvement in national security.
“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 efforts,” he said.
On the economic front, Idris detailed reforms that are yielding significant results, particularly the removal of fuel subsidies, which have curtailed financial leakages. He also noted the impact of the Electronic Foreign Exchange Matching System (EFEMS) introduced in December 2023, which enhanced transparency in forex transactions and cleared backlog payments, 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 rose from 4% in mid-2023 to an average of 16% by the end of 2024,” he said.
The minister further disclosed that Nigeria attracted over $5 billion in oil and gas investments in 2024, solidifying its position as Africa’s leading destination for energy investment. He described 2025 as a year of consolidation, building on the achievements of the Tinubu administration’s first 19 months.
“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,” Idris said. He concluded by noting that upcoming ministerial briefings will provide more insights into the government’s progress as the administration nears its mid-term.