Beans prices plummet below N80,000 as Nigerian farmers record record harvest sizes.
A 100kg bag of cowpeas and beans now costs between N80,000 and N120,000 in Nigeria, a substantial decrease from the record price of N240,000 in 2024.
In an interview with the News Agency of Nigeria (NAN), Mr. Kabir Shuaibu, President of the Cowpea and Beans Farmers, Processors and Marketers Association of Nigeria (C&BFPMAN), revealed this.
He blamed favorable growing conditions and better yields for the price collapse.
Depending on the species, a bag of beans up north now costs anything from N80,000 to N120,000. Due of the poor harvests, the identical bag sold for between N210,000 and N240,000 at same time last year.
“As it benefits farmers and consumers alike, we do hope for continued increased harvest in the sector,” Shuaibu said. Both dealers and customers who suffered from high pricing in the previous year will find relief from the development.
Reduced prices due to increased crops
According to Shuaibu, a record-breaking increase in harvest yield is the main cause of the price decline. Farmers reported harvests that were up to ten times higher than previously recorded, primarily as a result of better weather and increased acreage.
We are happy that since last year’s harvest, the cost of beans and cowpeas in general has decreased. We harvested more than ten times as much as we often did in previous years.
“The gain we received from our agriculture is the primary cause of the price decline. This suggests that costs will decrease when there is a greater availability of the produce.
The low harvest the year before was the cause of last year’s increase in bean prices.
Consider a farmer who planted 10,000 bags of beans on a hectare of land, but was only able to harvest a small number of bags because of flooding. He pointed out that a hectare of land produced three times as many bags of beans and cowpeas as it typically does, which is why the price of the produce has crashed.
The fact that farmers took no chances is another factor contributing to this year’s bean harvest surplus. They planted cowpeas and beans beside the corn rows, which led to a higher harvest and a corresponding decrease in the produce’s price, he claimed.
Traders attest to the downturn and better circumstances.
Mrs. Esther Umeileka, a wholesaler and managing director of Fresh2Home Ltd., confirmed the occurrence, stating that a sharp increase in supplies was caused by improved yields and fewer pest infestations.
“Last year, there was a case of insect/weevils attack which affected the produce. So, this year, we have a lot of produce that crashed high prices. Also, we have adjusted to government policies. Another reason for the drop in the price of beans is that this year the yield from the harvests is quite high,” she said.
At Oyingbo Market in Lagos, another beans trader, Mrs Zainab Ahmed, said consumer demand is now recovering due to the price adjustment.
“With the hike in the price of the produce last year, it was not easy for our customers. They just price and walk away. But now, everybody seems to be able to afford beans for their families again, as the price has dropped to about N6,000 to N7,000 for a paint bucket as against N13,000 to N14,000 that was sold last year,” Ahmed said.
Consumers welcome affordability
Consumers across Lagos have expressed relief over the return of affordable beans, a staple food in most Nigerian homes.
Mrs Tonia Sanwo, a Lagos resident, said the cost of purchasing beans had been unbearable for many families in 2024.
“Last year, the price of beans was really on the high side; we were buying a small derica cup for as high as N2,000 to N2,500. We are really glad the price has dropped; the same quantity now sells between N800 and N1,000, depending on the species. We never thought the price of beans would drop from what we experienced last year,” she said.
Another consumer, Mrs Favour Braye, a civil servant, noted that improved security has helped farmers return to their farms, resulting in higher output.
“The price of beans has really dropped in comparison to the prices last year. The farmers complained that insecurity on their farms resulted in poor yields the previous year,” Braye said.
Braye noted that with farmers now having easier access to their farms, the price of beans has dropped significantly, bringing relief to many. She added that more people can now afford beans, which remains a staple food in most Nigerian households.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
