No More N55,000/100kg Bag: Traders Quote Beans for New Price Across Markets, Nigerians Lament
- Residents across Lagos have complained about the continued increase in bean prices in recent times
- News agency reported that a 100kg bag of beans that sold for N55,000 at the start of the year now sells for N230,000
- Beans farmer expects that the price of beans could increase further given that the peak period for bean harvest is usually at the end of the year
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Concerns over the price of beans, a crucial source of protein for Lagos residents, are growing.
Source: Getty Images
In an interview with the News Agency of Nigeria (NAN), the residents urged governments to intervene, claiming that the continuous price increase of beans since 2024 had become intolerable.
According to NAN, a 100kg bag of beans that sold for N55,000 at the start of the year now sells for N230,000, while a 40kg bag that cost N26,000 in January now sells for N115,000.
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Due to this, many of the citizens are no longer able to afford basic food.
In response to the sharp rise in the price of beans. Uloma Chigozirim, a mother of four living in Santos Estate, Akowonjo, voiced concern that her children might go hungry.
Chigozirim said:
“Beans used to be the cheapest food; now, we do not even understand what is happening. Every other week, the price keeps increasing; even traders cannot tell us the reason for the hike.
Beans prices could increase more
Uche Ikenga, a bean farmer in the Federal Capital Territory, Abuja, hinted at the potential cause of the increase in produce prices by pointing out that the crop was not an all-season.
Ikenga said:
“It has the time it is cultivated. The peak period forbeans harvest is usually at the end of the year. Then we have enough supply for the growing demandforf the produce.
“However, harvest time is the time some cattle are foraging everywhere for food.
“Last year, many farmers lost their harvest because their bean farms were consumed by the foraging cows. The produce is scarce and expensive this year because the harvest of last year was low.”
According to Ahmed Yusuf, a beans merchant at the Ile-Epo Market's Dry Foodstuff Section in Agege, beans might not be out of stock in the upcoming months.
He said:
“We sold a small bucket of beans for N6,500 last two weeks but now the same quantity sells for N 8,000.
“The price just keeps soaring every day, and we sell as we buy. We no longer keep it because of the price unpredictability.
“We are not even sure if we will have beans to sell by this time next month because the produce is unavailable.”
The way forward
A jewellery vendor, Mrs Bunmi Arowolo, demanded that the federal government and the state of Lagos intervene to address the situation.
“Early in May, I bought a paint (small) bucket of beans for N7 500 as against N3,000 previously.
“As a common form of protein, I now manage a little quantity for my family.
According to Mrs Eugenia Uloma, a vendor at the well-known Kotangora Market in the Abule-Egba neighbourhood, beans are a staple food in Nigeria and are significant to all Nigerians.
“The produce is so expensive, but we still buy the quantity we can afford because it is our major source of protein.
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Legit.ng reported that The National Bureau of Statistics has released a new report that indicates rising food prices in Nigeria.
The NBS data sample included 10,000 respondents and 774 local governments in all States and the Federal Territory.
According to Selected Food Price Watch, the average cost of one kilogram of locally marketed loose rice in April 2024 was N1,399.34.
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Source: Legit.ng
