The Federal Government has reaffirmed its commitment to reducing the cost of food commodities by investing heavily in agricultural production.
Minister of Information and National Orientation, Mohammed Idris, made this known on Tuesday in Abuja during a press briefing to launch the Ministerial Briefing Session for 2025.
Idris emphasized that while the government would not impose price controls on food items, it aims to bring down costs by increasing production and supply in line with free-market principles.
“In the past, commodity boards controlled prices, but in today’s economy, we are focusing on encouraging entrepreneurship within the agricultural value chain. The government believes that boosting food production will naturally drive prices down,” he explained.
He stressed that expanding agricultural output would ensure food availability, stabilizing costs without the need for direct government intervention.
On security, Idris highlighted major successes recorded in 2024, revealing that security forces neutralized over 8,000 terrorists and bandits, arrested 11,600 others, and recovered more than 10,000 weapons. He added that with sustained efforts, Nigeria’s highways are becoming increasingly safer.
The Minister also noted that security forces are now fully empowered to take decisive action against the Lakurawa armed group, following its recent classification as a terrorist organization by a Federal High Court.
Speaking on economic progress, Idris stated that government reforms are yielding significant results, particularly in foreign exchange stability and investment inflows. He credited the removal of fuel subsidies for plugging financial leakages worth hundreds of billions of Naira annually.
He further highlighted the impact of the Electronic Foreign Exchange Matching System (EFEMS), introduced in December 2023, which has enhanced transparency in forex transactions and helped clear outstanding backlogs.
“The Naira recently reached an eight-month high in the official market, while foreign capital inflows into the Nigerian Stock Exchange have risen from four percent in mid-2023 to an average of 16 percent by the end of 2024,” he stated.
The Federal Government remains committed to sustaining agricultural, security, and economic reforms to ensure long-term stability and growth.
