Some foodstuff traders and consumers in Lagos state have expressed excitement over the recent decrease in the price of beans.
Gatekeepers News reports that the traders expressed their joy in separate interviews with News Agency of Nigeria (NAN) in Lagos on Friday.
The price drop comes after months of consistent increases, with a 100kg bag of beans selling for as high as N140,000 to N150,000 due to a shortage of the produce.
The price of beans has dropped to between N100,000 to N120,000 per bag, depending on the species.
Yakubu Ahmed, a foodstuff trader at Agege market, told NAN that the decrease was due to the recent harvest of the produce.
He 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 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 N12,000 but now we sell between N8,000 to N9,000 for the same quantity.”
“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.”
“Though the price reduction is not so much, it is still a respite for most consumers.”
John Nwabueze, a foodstuff trader at Iyana-Ipaja, said the drop in the price of the produce was unreliable.
He said, “We cannot really 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 N140,000 but recently it now sells at N120,000.”
“The price of drum beans really came down, a bag was sold for N120,000 but now sells at N110,000 or N100,000 for the same bag.”
The trader expressed gratitude for the current price, adding that “even if the reason for the drop is not feasible, we hope the prices will not soar at yuletide.”
He said, “The prices of foodstuffs are uncertain. As traders we can no longer predict the price.”
Additionally, Cornelia Edet, a resident at Ketu-Ikosi, expressed joy over the recent drop in the price of beans.
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 N16,000, so I usually opt for half a paint bucket.”
“However last week I bought a paint bucket of the same beans at N10,000. I am glad the price is dropping.”
Sandra Obalelenge, another resident of Dopemu area of the state, lamented that she realised the price of beans had reduced after buying it at an expensive rate.
She said, “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.”
Sandra added that she would buy more beans before the price increases again.
