Traders have slashed the price for a bag of beans in the market, raising hope of better days aheadChecks show that the cost of a 100kg bag of bringing down the cost of honey beans and drum beans has dropped by up to 25%The price slash traders say is due to the increase in fresh harvest of beans up North and in other parts of the country
The price of a bag of beans, one of Nigeria’s most consumed staples, has significantly reduced in Lagos.
A 100kg bag of beans sold for as much as N150,000 for months due to a supply shortage.
However, prices have now eased, with the same bag selling for N100,000 to N120,000 depending on the species.
The price of beans has dropped
Photo credit: Benson Ibeabuchi
Source: Getty Images
Vanguard reports relief among Nigerians who visited the market on Friday, December 13.
Yakubu Ahmed, a foodstuff trader at Agege Market, quoted in the report, attributed the price reduction to the recent harvest.
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He said:
“Weeks ago, we sold a paint bucket of honey beans (oloyin) for N12,000. Now, it goes for between N8,000 and N9,000. The drum species also sells at N8,000, down from N11,000.”
Ahmed noted that while the price drop might seem modest, it has brought much-needed relief to consumers.
Similarly, at Iyana-Ipaja, another trader, John Nwabueze, was reported to have said the price reduction has been significant for certain bean varieties.
“Three months ago, a bag of beans cost as much as N140,000. Today, the price ranges between N100,000 and N120,000. Drum beans, in particular, have seen a drop from N120,000 to N100,000.”
Nigerians react to price changes
Guardian reports that Nigerians have reacted to the slash in the cost of beans, which at a point was feared could be sold for N20,000 per bag.
Cornelia Edet, a resident of Ketu-Ikosi, recounted how the cost of a paint bucket of honey beans dropped from N16,000 to N10,000 in her neighbourhood market.
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She said.
“I’m happy the price is dropping. It means I can buy more for my family.”
BoI launches food prices app
in a related development, Henzodaily.ng reported that the Bank of Industry (BOI) has introduced a new app to help Nigerians check food prices.
The bank said that the website will give Nigerians real-time access to food prices in at least eight states in Nigeria.
The app aims to ensure pricing transparency and support Nigerians’ purchasing decisions.
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Source: Henzodaily.ng