FG Commits To Reducing Food Prices Through Agricultural Investment

Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has reassured citizens that the Federal Government is committed to reducing food prices across the country.

To achieve this, the government plans to invest heavily in agricultural production, focusing on improving the supply of food in Nigerian markets.

Rather than imposing price controls, the President Bola Tinubu-led administration will adopt a free-market approach, encouraging entrepreneurship within the agricultural value chain.

This strategy is based on the principle that an abundance of food supply will automatically drive prices down.

In July 2023, President Tinubu’s administration announced a comprehensive plan to tackle food insecurity and inflation. The plan includes initiatives such as:

Massive Agricultural Production: Investing in agricultural production to increase food supply and reduce prices.

National Commodity Board: Establishing a board to review and assess food prices, maintaining a strategic food reserve to stabilize prices.

Security for Farmers: Protecting farms and farmers from attacks to ensure uninterrupted food production.

Concessionary Funding: Providing affordable funding to farmers and agricultural businesses to boost production and reduce costs.

Improved Transportation and Storage: Enhancing transportation infrastructure and storage facilities to reduce food waste and lower costs.