The Federal government has dismissed the idea of regulating food prices, citing its commitment to fostering a free market and encouraging entrepreneurship in the country.
Speaking at the first ministerial briefing for 2025 in Abuja on Tuesday, the Minister of Information and National Orientation, Mohammed Idris, responded to concerns raised by the press about the soaring food prices in markets across the nation.
He was reminded of speculation that wholesalers and retailers may be deliberately inflating prices.
Idris emphasized that despite the financial strain many Nigerians are facing, the government does not believe in price controls. He noted that while in the past, there were price boards set to control food costs, the government now prioritizes a free market system, especially within the agricultural value chain. Idris stated that the focus is on ensuring the mass production of food items to address supply and demand issues, which, in turn, would naturally lead to lower prices.
The minister added that while the government is committed to a free market, it remains flexible and would reconsider its stance if the situation worsens. However, he clarified that he was not suggesting that price controls would be implemented at this time, as the current government believes in allowing market forces to operate freely.
Despite various government interventions in agriculture and food production, reports indicate that the cost of essential staples, such as a 50kg bag of rice, remains above N100,000, reflecting the ongoing challenges in the country’s food supply chain.
“In the past, we used to have this quality boards where prices were fixed, but in the spirit of free market and encouraging entrepreneurship, especially within the agricultural value chain, the government does not feel it is necessary for them to begin to control prices. Now, what the government is doing is to ensure that there’s massive production of food materials to solve supply and demand issues.
“Once you have whatever you need in a context, the tendency is that the price will automatically come down.
“However, government is also a very dynamic one. If we go further and we see that there’s a need for the President or the council to look at that… I’m not saying, and I don’t want you to report it as saying that I said there’s going to be good control. That’s not what I’m saying.
“As of now, the government feels that there should be a market that is free, a market that people can operate within.”
