Jubilation As Price Of Beans Drops Amid Fresh Harvest

Traders and consumers across Lagos State are celebrating a recent decline in the price of beans, a welcome relief following months of skyrocketing costs.

The development has been attributed to a fresh beans harvest in the northern region of Nigeria, bringing much-needed respite to households and businesses alike.

Yakubu Ahmed, a foodstuff trader at Agege Market, explained that the recent availability of beans has eased pressure on prices. “For months, the price kept rising due to the unavailability of the produce, but now there is some respite. We’ve seen a slight drop in prices over the past two weeks,” he said. Ahmed noted that a paint bucket of honey beans (Oloyin), which previously sold for ₦12,000, now costs between ₦8,000 and ₦9,000, while drum beans dropped from ₦11,000 to ₦8,000.

At Iyana-Ipaja Market, trader John Nwabueze shared a similar sentiment but expressed uncertainty about the exact factors causing the price reduction. “Three months ago, we bought a bag of beans for as high as ₦140,000. It now sells for ₦120,000. The drum species has also dropped, now selling between ₦100,000 and ₦110,000. While the reasons remain unclear, we hope prices stay stable during the yuletide season,” he said.

Consumers have also welcomed the price drop, with many expressing relief. Cornelia Edet, a resident of Ketu-Ikosi, shared her experience: “When the price of beans went up, I reduced the quantity I was buying. A paint bucket of honey beans that sold for ₦16,000 now costs ₦10,000. It’s a significant relief.”

Similarly, Sandra Obalelenge, a resident of Dopemu, said she noticed the change after purchasing beans recently. “Two weeks ago, I bought a paint bucket of beans at ₦10,500, and now it sells for ₦7,500 to ₦8,000. I plan to stock up before the prices rise again,” she added.

GWG.ng reports that the decline in bean prices reflects a temporary stabilization in the food market, which has been plagued by inflation and supply chain challenges. However, traders and consumers remain cautiously optimistic, hoping the prices remain affordable during the festive season.
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