In a recent presidential media chat, President Bola Ahmed Tinubu made it clear that he does not support implementing price controls as a strategy to reduce high food prices. His comments have sparked discussions about how best to address the rising cost of food in the country, which has been a significant concern for many Nigerians.

President Tinubu stated that he believes in the power of supply and demand to regulate prices naturally, rather than relying on artificial measures like price control. He emphasized that the forces of demand and supply would eventually balance out and lead to a reduction in food prices. According to Tinubu, controlling prices would not be the long-term solution to the problem, as it could lead to other economic issues, such as shortages or poor quality goods.

Instead, the president urged that the solution lies in maintaining a consistent supply of goods in the market. By ensuring that markets are well-stocked, the natural dynamics of supply and demand will take care of the rest, gradually lowering prices. Tinubu stressed that the government’s priority should be to create an environment where farmers and producers can continue to supply the market with enough food to meet demand.

Tinubu’s stance on this issue aligns with his broader economic vision, which focuses on market-driven policies rather than heavy government intervention. His approach highlights confidence in the capacity of markets to self-regulate, provided there is an adequate supply of goods. The president believes that creating an environment conducive to consistent supply will help address food price inflation over time, benefiting consumers in the long run.

While many Nigerians have been looking for immediate relief from the rising food prices, the president’s message suggests that the solution lies in longer-term measures aimed at increasing market efficiency and ensuring a steady supply. While this approach may take time to show results, it reflects Tinubu’s belief in sustainable economic policies that do not rely on short-term fixes.

The debate on whether price control should be used as a tool to combat inflation remains ongoing, with experts and citizens divided on the issue. However, Tinubu’s position is a reminder that economic policies, especially in the agricultural sector, often require careful thought and planning to avoid unintended consequences.