Increased Harvests Lead to Significant Drop in Bean Prices
By Our Correspondent.
A 100 kg bag of beans is currently priced between N80,000 and N120,000, depending on the species. This price reduction is attributed to a substantial increase in harvest yields, according to Mr. Kabir Shuaibu, President of the C&BFPMAN.
“We are pleased to see that the prices of beans and cowpeas have decreased since last year’s harvest, which produced over ten times the amount typically harvested in previous years,” Shuaibu stated.
He explained that the primary reason for the decrease in prices is the enhanced supply resulting from this year’s higher yields. “An increase in available supply typically results in lower prices,” he emphasized.
Shuaibu further noted that last year’s spike in bean prices stemmed from poor harvests in the previous season, citing an example of farmers who, despite planting a hectare of land expecting 10,000 bags, only harvested a few bags due to flooding. He indicated, “The price surge we experienced last year was unprecedented in the sector over the past decade, and we hope it does not recur.”
With the recent harvest yielding triple the usual output of 10,000 bags per hectare, the price of beans has plummeted. “Farmers have also optimized their planting strategies. Many, while cultivating corn, have planted beans and cowpeas in between the rows, leading to even higher yields,” he added.
Currently, the cost of a bag of beans in Northern Nigeria ranges between N80,000 and N120,000 based on the species, while last year’s prices fluctuated between N210,000 and N240,000 due to adverse conditions.
Mrs. Esther Umeileka, Managing Director of Fresh2Home Ltd. in Lagos, attributed the reduced prices to increased yields and a decline in infestations compared to the previous year, where severe insect and weevil attacks greatly impacted production. “This year, we have a surplus of produce, and prices have dropped. Our operations have also adapted to governmental policy changes,” Umeileka commented.
In Oyingbo market, trader Mrs. Zainab Ahmed observed a surge in customer demand following the price drop. “With the high prices last year, many customers would simply price the beans and walk away. Now, families can afford to purchase beans again, with paint buckets priced between N6,000 and N7,000, down from N13,000 to N14,000 last year,” she explained.
Consumer Mrs. Tonia Sanwo expressed her satisfaction with the reduced prices, highlighting beans as a crucial staple in her household. “Last year, we were paying as much as N2,000 to N2,500 for a small device cup. We’re delighted to see prices have dropped to between N800 and N1,000 for the same quantity, depending on the species,” she shared.
Civil servant Mrs. Favour Braye confirmed the drop in prices, linking it to improved access to farms, which has resulted in better yields. “The price of beans has significantly decreased compared to last year. Farmers faced considerable insecurity issues that negatively affected their yields previously. With improved access, we are all happy as beans become more affordable for everyone, as it is a staple in Nigerian homes,” Braye concluded.
