The price of a bag of beans is currently sold at approximately ₦100,000 in Lagos, depending on the type.
Previously, a 100kg bag of beans was priced between ₦140,000 and ₦150,000 in the mega city due to a supply shortage.
However, Lagos State foodstuff traders and consumers are now satisfied with the recent decline in bean prices.
According to The PUNCH, residents and traders recently conveyed their happiness about this price reduction during an interaction with newsmen.
Henzodaily understands that there has been a modest decrease in bean prices, which had been on the rise for several months.
The latest drop in price from ₦120,000 to approximately ₦100,000 has, however, put a smile on the faces of residents.
A foodstuff trader at Agege market, Yakubu Ahmed, attributed the price reduction to the recent harvest of beans.
“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.
“There has been a fresh harvest of beans up North hence the slight drop in the price.
“Weeks ago, we sold a paint bucket of honey beans (oloyin) at ₦12,000 but now we sell between ₦8,000 to ₦9,000 for the same quantity.
“The drum species sells at ₦8,000 too as against ₦11,000 it was being sold. We sell the mini honey beans at ₦6,500 as against ₦8,500 that was being sold.
“Though the price reduction is not so much, it is still a respite for most consumers,” Ahmed said.
On his part, a foodstuff trader at Iyana-Ipaja, Mr John Nwabueze, said the reason for the drop in the price of the produce was uncertain.
“We cannot say what brought the price of beans down as in the first place, we do not know why the sudden hike months ago.
“Three months ago, we bought a bag of beans for as high as ₦140,000, but recently, it now sells at ₦120,000.
“The price of drum beans came down, a bag was sold for ₦120,000 but now sells at ₦110,000 or ₦100,000 for the same bag.
“We are grateful for the price, and even if the reason for the drop is not feasible, we hope the prices will not soar at yuletide.
“The prices of foodstuff are uncertain; as traders, we can no longer predict the price,” Nwabueze said.
On her part, Cornelia Edet, a resident at the Ketu-Ikosi axis of the state, expressed her joy at the recent drop in the price of the produce.
She said: “When the price of beans went up, I reduced the quantity I was buying.
“A paint bucket of honey beans at my neighbourhood market used to sell for as high as ₦16,000, so I usually opt for half a paint bucket.
“However, last week I bought a paint bucket of the same beans at ₦10,000. I am glad the price is dropping.”
Another resident in the Dopemu area of the state, Mrs Sandra Obalelenge, said she knew of the reduction in price after buying the produce.
“I heard that the price had dropped after I had bought a paint bucket of beans at ₦10,500 two weeks ago. Presently, the same quantity of beans sells between ₦7,500 and N8,000.
“I will quickly go and restock before the price increases again,” Obalelenge said.