Beans Price Falls In Lagos, Traders, Consumers Express Relief

Traders and consumers in Lagos State are expressing relief following a recent drop in the price of beans, which had seen a significant rise in previous months.

In interviews with the News Agency of Nigeria (NAN) on Friday, foodstuff traders and residents shared their satisfaction with the recent price adjustment.

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EKO HOT BLOG reports that a 100kg bag of beans, which had been sold for as much as ₦150,000 to ₦140,000 due to a shortage, is now priced between ₦100,000 and ₦120,000, depending on the species. This price drop follows a recent harvest of beans from the northern region.

Mr. Yakubu Ahmed, a foodstuff trader at Agege Market, attributed the reduction in prices to the new harvest. “For the past two weeks, we’ve seen a slight decrease in the price of beans. Earlier, the price surged due to limited availability, but now the fresh harvest from the North has offered some relief,” he said.

He added that a paint bucket of honey beans, which was once sold for ₦12,000, now sells for ₦8,000 to ₦9,000, while the drum variety has dropped from ₦11,000 to ₦8,000. Despite the modest reduction, he noted that it has been a welcome change for consumers.

Mr. John Nwabueze, another trader at Iyana-Ipaja, mentioned that while the reason for the price drop remains unclear, it is still a positive development. “Three months ago, beans were as high as ₦140,000 per bag, but now they sell for ₦120,000 or less,” he said. “We’re just hoping the prices don’t rise again, especially with the upcoming holidays.”

Residents have also noticed the price reduction, with Mrs. Cornelia Edet from Ketu-Ikosi expressing her joy. “When the price went up, I reduced how much I bought, but now I can afford to buy more. A paint bucket of honey beans, which was ₦16,000, is now ₦10,000,” she shared.

Mrs. Sandra Obalelenge from Dopemu also celebrated the price drop, having recently bought a paint bucket of beans for ₦10,500. “Now, the same amount is between ₦7,500 and ₦8,000. I plan to restock while prices are still low,” she said.

Despite the uncertainty around the cause of the price fluctuations, traders and consumers alike are hopeful that the trend will continue.

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