Foodstuff traders and consumers in Lagos State have expressed excitement over the recent drop in the price of beans.

The residents expressed their joy over the drop in the price of beans in Lagos on Friday, December 13, 2024.

There has been a slight drop in the price of beans that has consistently risen in the past few months.

A 100kg bag of beans was sold for as high as N150,000 to N140,000 in the previous months due to a shortage of the produce.

The price of beans has however dropped in recent weeks to about N100,000 to N120,000 per bag, depending on the species.

A foodstuff trader at Agege market, Yakubu Ahmed, said the price drop was due to the recent harvest of the produce.

Ahmed 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 the 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.

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“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.”

On his part, a foodstuff trader in the Iyana-Ipaja area of Lagos, John Nwabueze, said the reason for the drop in the price of beans was uncertain.

Nwabueze 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.

“We are grateful for the price even if the reason for the drop is not feasible, we hope the prices will not soar at yuletide.

“The prices of foodstuff are uncertain, as traders we can no longer predict the price.”

Also speaking, a resident of Ketu-Ikosi, Cornelia Edet, expressed joy on the recent drop in the price of beans.

Edet stated: “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.

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“However last week I bought a paint bucket of the same beans at N10,000. I am glad the price is dropping.”

A resident of Dopemu in Lagos State, Sandra Obalelenge, said she knew of the reduction in price after buying the produce.

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.

“I will quickly go and restock before the price increases again.”

The Star