The Federal Government has announced plans to reduce high food prices by investing heavily in agriculture.
Minister of Information and National Orientation, Mohammed Idris, said the government will not impose price controls but will focus on increasing food production to lower costs naturally.
Speaking at a press conference in Abuja, Idris explained that boosting supply is the best way to bring prices down in a free-market economy.
He noted that in the past, price control boards existed, but the government now prioritizes encouraging large-scale agricultural investment.
On security, Idris spoke on key achievements in 2024, stating that over 8,000 terrorists and bandits were killed, 11,600 were arrested, and more than 10,000 weapons were recovered.
He also revealed that 8,000 kidnapped victims were rescued, making roads like the once-dangerous Abuja-Kaduna highway much safer.
Regarding the economy, he said reforms such as removing the fuel subsidy have saved the country billions, while the introduction of an Electronic Foreign Exchange Matching System (EFEMS) has improved transparency and investor confidence.
As a result, foreign investments in Nigeria’s stock market increased from 4% in mid-2023 to 16% by the end of 2024.
Additionally, Nigeria secured over $5 billion in oil and gas investments, making it Africa’s top destination for such funding.
Idris described 2025 as a year of consolidation, where the government will build on past achievements as President Bola Ahmed Tinubu’s administration approaches its second year.
