We Are Tirelessly Working To Crash Food Prices – FG Assures, Unveils Price Stabilization Plan

The Federal Government (FG) has reiterated its commitment to tackling soaring food prices, assuring Nigerians that measures are in place to stabilize costs and enhance food security.

Speaking to journalists, the Minister of Agriculture and Food Security, Abubakar Kyari, identified market dynamics and hoarding as key factors driving food inflation. However, he assured that strategic government interventions are already yielding results.

Kyari highlighted the administration’s multi-phase dry-season farming initiative, designed to ensure year-round food production and boost supply. He also disclosed that within the next two weeks, the government will roll out a price stabilization mechanism to curb inflation without discouraging local farmers.

“Market prices are influenced by supply and demand. In 2024, we recorded a positive harvest, which means increased supply compared to previous years. President Bola Tinubu is committed to reducing food inflation to the barest minimum. We are implementing stabilization measures to bring down prices while ensuring farmers remain profitable,” he stated.

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The minister also raised concerns over food hoarding, revealing that some traders stockpiled goods at high prices and are now reluctant to sell at lower rates. He warned against artificial scarcity, emphasizing that continuous production cycles will naturally force prices down.

Kyari pointed out that the cost of paddy rice, which previously sold for ₦780,000 per tonne, had a production cost of ₦350,000, leaving a significant price gap due to speculative trading. He assured that ongoing interventions would correct such distortions in the market.

“We successfully completed the first phase of dry-season farming in November. Now, we are entering the second phase, with plans to execute three cycles before transitioning into the wet-season farming. This will create a sustainable system where staple crops are harvested all year round, enhancing both availability and affordability,” Kyari added.

With these initiatives, the government aims to achieve self-sufficiency in food production and provide relief to households grappling with high food costs.