‘From N150k to N100k’ — Lagos traders speak on decrease in price of beans

Some foodstuff traders and consumers in Lagos state have expressed excitement over the recent drop in the price of beans.

The traders expressed their joy in separate interviews with NAN on Friday in Lagos.

According to the report, there has been a slight drop in the price of beans that has consistently risen in the past few months.

NAN said a 100 kilogram (kg) bag of beans sold for as high as N140,000 to N150,000 in the previous months due to a shortage of the produce.

According to NAN, the price of the produce has, however, dropped in recent weeks to range from N100,000 to N120,000 per bag, depending on the specie.

Yakubu Ahmed, a foodstuff trader at Agege market, told the publication that the decrease was due to the recent harvest of the produce.

“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,” he said.

“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.”

On his part, John Nwabueze, a foodstuff trader at Iyana-Ipaja, said the drop in the price of the produce was unreliable.

“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,” Nwabueze said.

“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.”

He 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”.

“The prices of foodstuffs are uncertain. As traders we can no longer predict the price,” Nwabueze said.

‘A BUCKET OF HONEY BEANS DECREASED FROM N16K TO N10K’

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

“When the price of beans went up, I reduced the quantity I was buying,” she said.

“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 the Dopemu area of the state, said she realised the price of the commodity had reduced after buying the produce at an expensive rate.

“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,” she said.

The trader said she would restock the produce before the price increases again.