Lagos traders and consumers are expressing relief and excitement over the recent drop in beans prices, which had been on the rise for several months. The price reduction has been welcomed by many, who had been struggling with the high cost of the staple food.
According to reports from the News Agency of Nigeria (NAN), a 100kg bag of beans, which had sold for as much as N150,000 to N140,000 due to supply shortages, has now dropped to about N100,000 to N120,000, depending on the variety.
At the Agege market, foodstuff trader Mr. Yakubu Ahmed attributed the price drop to the recent harvest of beans in northern Nigeria. He noted that the price of various types of beans had fallen in the past two weeks. For example, the price of a paint bucket of honey beans (oloyin) has dropped from N12,000 to between N8,000 and N9,000. Similarly, drum beans, which were previously sold for N11,000, now go for about N8,000, and mini honey beans have dropped from N8,500 to N6,500.
“Though the price reduction is not drastic, it’s still a welcome change for many consumers,” said Ahmed.
At Iyana-Ipaja market, Mr. John Nwabueze, another foodstuff trader, mentioned that while the cause of the price drop was unclear, they were grateful for the relief. He explained that a bag of beans, which previously sold for N140,000, now sells for between N120,000 and N100,000. Nwabueze expressed hope that prices would not spike again during the festive season, acknowledging the unpredictability of foodstuff prices.
For consumers like Mrs. Cornelia Edet, a resident of Ketu-Ikosi, the price reduction has made a noticeable difference. “When the price of beans went up, I reduced the quantity I bought. A paint bucket of honey beans at my local market used to cost N16,000, but last week, I bought it for N10,000,” Edet said, expressing her relief at the change.
Similarly, Mrs. Sandra Obalelenge from the Dopemu area shared her positive experience. “I had bought a paint bucket of beans for N10,500 just two weeks ago, and now the same quantity is selling for N7,500 to N8,000. I plan to restock before prices rise again,” she said.
The price drop has brought temporary relief to both traders and consumers in Lagos, who hope the trend continues. However, many remain cautious, knowing that foodstuff prices can be unpredictable, particularly during the busy holiday season.
(NAN)
