*Some Nigerian foodstuff traders and consumers, especially in Lagos State, are elated over the recent drops in the market prices of beans, especially as the festive season approaches in Nigeria

Isola Moses | 绿帽献妻

Following the seasonal harvest of the produce in the West African country, and as the festive season approaches, some Nigerian foodstuff traders and consumers are elated over the recent drops in the prices of beans.

It is observed there has been a slight reduction in the prices of beans that have consistently shot up in the past few months.

Earlier, a 100kg bag of beans sold for as high as N150,000 to N140,000 in the previous months due to a shortage of the produce.

绿帽献妻 checks indicated the price of the produce has reduced in recent weeks to about N100,000 from N120,000 per bag, and between N1,200 and N1,700 per popular “Derica” tin measurement, depending on the species – Honey (Oloyin) or Drum – and locations in the state.

Likewise, the consumers Friday, December 13, 2024, expressed their joy over the drop in the price of the agricultural produce in separate interviews with the News Agency of Nigeria, in Lagos.

Mr. Yakubu Ahmed, a foodstuff trader at Agege market, in Lagos, said the price drop was due to the recent harvest of the produce.

Ahmed reportedly said: “We have witnessed a slight drop in the price of beans for about two weeks now.

“For some months, the price kept rising due to the unavailability of the produce but now there is a little respite.”

The foodstuff dealer stated: “There has been a fresh harvest of beans up North hence the slight drop in the price.

鈥淲eeks ago, we sold a paint bucket of Honey beans (Oloyin) at N12,000, but now we sell between N8,000 to N9,000 for the same quantity.”

Ahmed further explained: “The Drum species sells at N8,000 too as against N11,000 it was being sold.

“We sell the mini Honey beans at N6,500 as against N8,500 that was being sold.

鈥淭hough the price reduction is not so much it is still a respite for most consumers.”

Commenting in his market experience, Mr John Nwabueze, as another foodstuff trader in Iyana-Ipaja area of Lagos State, said the reason for the drop in the prices of the produce was uncertain.

Nwabueze said: “We cannot say what brought the prices of beans down as in the first place, we do not know why the sudden hikes months ago.

鈥淭hree months ago, we bought a bag of beans for as high as N140,000 but recently it now sells at N120,000.”

The foodstuff trader also stated: “The price of drum beans came down, a bag was sold for N120,000, but now sells at N110,000 or N100,000 for the same bag.

鈥淲e are grateful for the price even if the reason for the drop is not feasible, we hope the prices will not soar at Yuletide.

鈥淭he prices of foodstuff are uncertain, as traders we can no longer predict the price.”

Consumers speak on drops in beans prices

Reacting to the market development, Mrs. Cornelia Edet, a consumer and resident of Ikosi-Ketu axis of Lagos State, expressed her joy at the recent drop in the price of the produce, agency report said.

Mrs. Edet stated: “When the price of beans went up, I reduced the quantity I was buying.

鈥淎 paint bucket of Honey beans in my neighbourhood market used to sell for as high as N16,000; so I usually opt for half a paint bucket.

鈥淗owever last week I bought a paint bucket of the same beans at N10,000. I am glad the price is dropping.”

Mrs. Sandra Obalelenge, another beans consumer and resident in the Dopemu area of the state, was quoted to have said that she only became aware of reductions in prices of beans after buying the produce.

Obalelenge noted: “I heard that the price had dropped after I had bought a paint bucket of beans at N10,500 two weeks ago.

“Presently, the same quantity of beans sells between N7,500 and N8,000.”

She added: “I will quickly go and restock before the price increases again.”

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