Why Food Prices Are Dropping Fast – Minister
The Minister of State for Agriculture and Food Security, Dr. Aliyu Sabi, has attributed the recent drop in food prices across the country to increased local production, improved government interventions, and the onset of the harvest season.
Speaking to journalists during the commemoration of World Food Day in Abuja, Sabi explained that the ongoing price reduction is a direct outcome of large-scale agricultural investments initiated since 2023 under the National Agricultural Growth Scheme (NAGS) Agro-Pocket programme.
“From 2023, we went into massive production through the NAGS Agro-Pocket programme. We injected almost 500,000 metric tons or more of wheat, including maize, cassava, and other commodities we promoted. This ramped-up production is what’s responsible for the drop in food prices,” the minister said.
Addressing speculations that the federal government imported food to crash prices, Sabi clarified that the window for food importation opened last year was only meant to cover production deficits.
“What government did was to allow a limited import window to bridge the deficit. But I can tell you for a fact that the imported items have not even been released. The claims that imported food is what crashed prices are not true,” he said.
He noted that panic among food hoarders also played a role in the market adjustment.
“Because people heard that government was going to import food, those who were hoarding began to release their stock. When supply increases, prices naturally come down,” he added.
Sabi further linked the price decline to the current harvest season, which traditionally leads to a period of food abundance.
“We are now in the period of harvest starting from the southern part of the country to the central and northern regions. During this period, food prices will continue to fall,” he said.
The minister also highlighted the contributions of state governments to national food reserves through buffer stock initiatives and free input distribution to smallholder farmers, aimed at lowering production costs.
He recalled President Bola Tinubu’s directive last year for the release of over two million bags of fertiliser to farmers, describing it as a major step in reducing farming expenses.
“Yes, people still complain about fertiliser prices, but the intervention made a significant impact. Many of those who benefited last year are still using the savings and inputs for this farming season,” he noted.
On agricultural mechanisation, Sabi revealed that new Belarus tractors stationed in Sheda would soon be deployed to Agricultural Mechanisation Service Centres to ensure smallholder farmers have access to affordable services.
“The President has made it clear that these tractors must not end up in the wrong hands. They are equipped with advanced technology some will even shut down automatically if due for servicing and not maintained,” he said.
He assured that training and spare parts support would accompany the mechanization rollout to guarantee sustainability and empower young Nigerians.
Sabi also disclosed that the government is reviewing the performance of companies that benefited from silo concessions to ensure compliance with contractual terms.
“Those who are performing may have their contracts renewed, while those failing will face termination. These facilities belong to Nigerians and must serve national food security,” he stressed.
Furthermore, the minister said the administration remains fully committed to achieving food security through synergy, innovation, and technology-driven precision agriculture.
“We have the highest political will ever given to this sector. With all we are doing from inputs and mechanisation to digital agriculture Nigeria will soon witness a new era of food sufficiency and value addition,” he affirmed.