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Good news for Nigerians as FG moves to cut down food prices

1 week ago 29

12 February 2025 at 15:46

A view from Wuse Bazaar (Fruit Market) in Abuja, Nigeria on February 18, 2024. [Getty Images]

The Federal Government has reiterated its commitment to reducing food prices by boosting agricultural production rather than imposing price controls.

Speaking in Abuja on Tuesday, February 11, at the Ministerial Briefing Session for 2025, the Minister of Information and National Orientation, Mohammed Idris, said the government’s strategy focuses on increasing supply to drive prices down.

“In the past, we had commodity boards fixing prices, but in the spirit of a free market, we are prioritising massive food production. When supply increases, prices will naturally drop,” Idris stated.

He also highlighted significant progress in security, revealing that security forces neutralised over 8,000 terrorists and bandits in 2024, arrested 11,600 suspects, and recovered more than 10,000 weapons.

“Our highways are becoming safer. The once-notorious Abuja-Kaduna highway is a clear example. While challenges remain, we are committed to further improvements,” he added.

Naira hits 8-month high as economic reforms take effect

On the economy, Idris said the Federal Government’s reforms, including the removal of fuel subsidies, have saved billions of Naira and restored investor confidence.

“The Naira recently hit an eight-month high in the official market, while foreign capital inflow into the Nigerian Stock Exchange surged from 4% in mid-2023 to 16% by the end of 2024,” he noted.

He further announced that Nigeria secured over $5 billion in oil and gas investments in 2024, solidifying its position as Africa’s top investment destination in the sector.

Idris described 2025 as a year of consolidation, assuring Nigerians that the government will build on its progress as the Tinubu administration approaches its mid-term.