Abuja, Nigeria – February 28, 2025 – President Bola Ahmed Tinubu has expressed his satisfaction with the recent reduction in food prices across Nigeria, attributing the development to his administration’s economic policies and agricultural interventions.
Speaking at a press conference in Abuja, the president acknowledged the efforts of farmers, traders, and government agencies in stabilizing food prices. He emphasized that his administration’s policies aimed at boosting local food production and reducing inflation have started yielding positive results.
Government officials have highlighted several key factors that contributed to the decline in food prices:
Agricultural Reforms – The Tinubu administration has implemented various programs to support farmers, including subsidies for fertilizers, improved access to credit, and mechanized farming initiatives.
Improved Supply Chains – The government has invested in better road networks and transportation infrastructure, reducing post-harvest losses and ensuring the timely delivery of food items to markets.
Exchange Rate Stability – With recent improvements in Nigeria’s foreign exchange market, import costs of essential agricultural inputs have declined, leading to lower production costs.
Security Enhancements – The crackdown on banditry and farmer-herder conflicts has enabled farmers to return to their lands, increasing agricultural output and food supply.
Nigerians across various regions have reported noticeable decreases in the prices of staple foods such as rice, beans, yam, and tomatoes. Market surveys indicate that the price of a 50kg bag of rice, which was previously sold for ₦50,000, has dropped to around ₦40,000, while other essential food items have recorded similar reductions.
Many traders and consumers have welcomed this development. A Lagos-based trader, Mrs. Amina Yusuf, stated, “We are beginning to see a difference in food prices, and customers are buying more. It is a relief after months of high costs.”
However, some economic analysts warn that the trend must be sustained through consistent policy implementation. “While this reduction is a positive sign, the government must continue to monitor inflation, support local farmers, and address logistical challenges to ensure food prices remain stable,” said Dr. Bismarck Rewane, an economic expert.
President Tinubu reiterated his administration’s commitment to ensuring long-term economic growth and stability. He assured Nigerians that more policies would be implemented to sustain the current price reductions and improve overall food security.
“We are working tirelessly to ensure that Nigerians can afford quality food at reasonable prices. Our goal is to make Nigeria self-sufficient in food production and reduce dependence on imports,” the president said.
The reduction in food prices has brought relief to many Nigerians, boosting confidence in the government’s economic policies. While challenges remain, the Tinubu administration has pledged to continue implementing measures to enhance agricultural productivity, stabilize inflation, and ensure food affordability for all citizens.
