Prices of Beans Crash by Over 100%

The Cowpea and Beans Farmers, Processors and Marketers Association of Nigeria (C&BFPMAN) has highlighted high harvest yields as the reasons for the drop in the price of the produce in the country.

The president of C&BFPMAN and some traders disclosed the reasons for the price drop in separate interviews with journalists on Sunday in Lagos.

As of the second and third quarters of 2024, the price of beans increased astronomically to between N210,000 and N240,000 for 100kg, as against N90,000 it was being sold for in 2023.

However, from the first quarter of 2025, the produce witnessed a steady decline in its price.

A bag of 100kg currently sells between N80,000 and N120,000, depending on the species.

Kabir Shuaibu, C&BFPMAN president, said the increased harvest from the cultivation is the reason for the price drop.

“We harvested over 10 times what we usually harvested in the past years. The main reason for the drop in price is the increase we got from our cultivation. This implies that with an increased supply of the produce, the prices will drop.

“The reason for the hike in the price of beans last year was due to the poor harvest in the previous year.

“The situation of beans hike we witnessed last year was one we had not experienced in the sector for the past 10 years. We hope it does not recur,” Mr Shuaibu said.

He noted that in the most recent harvest of beans and cowpeas, a hectare of land produced triple its usual harvest of 10,000 bags, hence the crash in the price of the produce.

“Currently, a bag of beans up north costs between N80,000 and N120,000, depending on the species you are buying. As of this time last year, due to the poor harvests, the same bag sold between N210,000 and N240,000,” he stated.

A wholesaler, Esther Umeileka, attributed the price drop to increased yield and less infestation of the produce, as was witnessed in the previous year.

“Last year, there was a case of insect/weevils attack which affected the produce. So, this year, we have a lot of produce that has caused 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,” Ms Umeileka said.

Another beans trader at the Oyingbo Market in Lagos, Zainab Ahmed, said patronage for the produce has increased since the drop in its price.

“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,” Ms Ahmed said.

Also, Tonia Sanwo, a consumer, expressed her joy at the drop in the price of beans, which she described as an essential staple in her home.

“We never thought the price of beans would drop from what we experienced last year,” Ms Sanwo said.

Also speaking, Favour Braye, a civil servant, confirmed the drop in the price of the produce.

Ms Braye attributed the development of easy access to farms, which resulted in increased yields.

“With easy access to their farms, the price of beans has dropped, and we are all happy about it. More people can now afford beans as it is a common staple in Nigerian homes,” Ms Braye said.

(NAN)