Lagos Traders, Consumers Excited Over Drop In Bean Prices

The recent decrease in bean prices has some Lagos State food traders and consumers in an ecstatic mood.

The residents expressed their joy over the drop in the price of the produce in separate interviews with the News Agency of Nigeria on Friday in Lagos.

NAN reports that 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 sold for as high as N150,000 to N140,000 in the previous months due to a shortage of the produce.

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

A foodstuff trader at Agege Market, Mr. Yakubu Ahmed, said the price drop 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 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.

“Weeks ago, we sold a paint bucket of honey beans (oloyin) at N12,000, but now we sell between N8,000 and 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,” Yakubu said.

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

“We cannot 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 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 foodstuffs are uncertain; as traders, we can no longer predict the price,” Nwabueze said.

On her part, a resident at the Ketu-Ikosi axis of the state, Mrs. Cornelia Edet, expressed her joy at the recent drop in the price of the produce.

“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,” Edet said.

Another resident in the Dopemu area of the state, Mrs. Sandra Obalelenge, said she knew of the reduction in price after buying the produce.

“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,” Obalelenge said.

(NAN)