FG targets increased farm investments to lower food prices

The federal government is banking on increased agricultural production, not price controls, to bring down rising food costs across Nigeria, Information Minister Mohammed Idris announced Tuesday in Abuja.

Speaking at the first Ministerial Briefing Session of 2025, Idris explained that instead of setting fixed prices like in the past, the government is focusing on boosting food supply to naturally drive down prices. “Once you have whatever you need in abundance, the tendency is that the price will automatically come down,” he said.

The Minister also shared significant security gains from 2024, reporting that security forces eliminated over 8,000 terrorists and bandits while arresting 11,600 others. They also recovered more than 10,000 weapons and rescued about 8,000 kidnap victims. He pointed to improved safety on major routes like the Abuja-Kaduna highway as evidence of progress, though acknowledging more work lies ahead.

Idris also said that security forces can now use maximum force against the Lakurawa armed group following their official designation as a terrorist organisation by a Federal High Court.

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On the economic front, the Minister highlighted several ‘positive’ trends. According to him, the removal of fuel subsidies has plugged leaks worth hundreds of billions of Naira, while a new electronic foreign exchange system introduced in December 2023 has helped clear billions in backlogs and boost investor confidence. He noted that the Naira recently hit an eight-month high in official markets, with foreign investment in the stock market jumping from 4% in mid-2023 to 16% by late 2024.

Nigeria also emerged as Africa’s top destination for oil and gas investments last year, securing over $5 billion in Final Investment Decisions.

Looking ahead, Idris described 2025 as a year for building on these achievements as the Tinubu administration 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,” he announced.