Residents and traders in Lagos are celebrating a recent reduction in the price of beans, offering some respite from months of soaring costs. The drop, attributed to a fresh harvest in northern Nigeria, has been welcomed by foodstuff traders and consumers alike, though some remain cautious about potential future fluctuations.

A Welcome Decline After Months of High Prices

The price of beans, which had climbed as high as ₦150,000 per 100kg bag in recent months due to shortages, has now fallen to about ₦100,000, depending on the variety. This reduction is being reflected in retail prices across Lagos markets.

A trader at Agege Market, Mr. Yakubu Ahmed, explained the connection between the recent harvest and the price drop. “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,” Ahmed said.

Ahmed highlighted specific reductions in retail prices:

• Honey beans (oloyin): Previously ₦12,000 per paint bucket, now ₦8,000–₦9,000.
• Drum beans: Reduced from ₦11,000 to ₦8,000 per paint bucket.
• Mini honey beans: Previously ₦8,500, now ₦6,500.

“Though the price reduction is not so much, it is still a respite for most consumers,” he added.

Uncertainty Over the Cause of Price Drop

While some traders attribute the drop to the new harvest, others are uncertain about the factors driving the change. At Iyana-Ipaja Market, Mr. John Nwabueze expressed his gratitude for the reduced prices but noted the unpredictability of foodstuff costs.

“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,” Nwabueze remarked. He provided a snapshot of recent price trends:

• Drum beans: Reduced from ₦120,000 per bag to ₦100,000–₦110,000.
• General market prices: Previously peaked at ₦140,000 per bag, now at ₦120,000.

Despite his relief, Nwabueze voiced concerns about potential price hikes during the holiday season. “We hope the prices will not soar at yuletide. The prices of foodstuff are uncertain, and as traders, we can no longer predict the price,” he said.

Consumers Adjusting to Changing Prices

For many Lagos residents, the reduction in prices has eased financial strain. Mrs. Cornelia Edet, a resident of the Ketu-Ikosi area, expressed her joy at being able to afford larger quantities of beans again.

“When the price of beans went up, I reduced the quantity I was buying. A paint bucket of honey beans used to sell for as high as ₦16,000, so I usually opted for half a paint bucket. Last week I bought a full paint bucket for ₦10,000. I am glad the price is dropping,” she said.

Similarly, Mrs. Sandra Obalelenge from Dopemu noted the impact of the recent price drop. “I heard that the price had dropped after I had bought a paint bucket of beans at ₦10,500 two weeks ago. Presently, the same quantity sells between ₦7,500 and ₦8,000. I will quickly go and restock before the price increases again,” she said.

Future Price Concerns

While the current price drop has brought relief, both traders and consumers remain cautious about future changes, particularly with the festive season approaching. Seasonal demand and logistical challenges could lead to fluctuations, as has been the case in the past.

Conclusion

The recent reduction in bean prices across Lagos has brought a much-needed breather for traders and consumers after months of high costs. As markets adjust to the new harvest, stakeholders are hopeful that the prices remain stable, even as they prepare for possible increases during the holiday season. For now, the lower prices are a cause for celebration and an opportunity for consumers to restock essential food supplies.