Lagos traders, consumers celebrate drop in price of beans

Lagos traders, consumers celebrate drop in price of beans

Foodstuff traders and consumers in Lagos are elated over the recent drop in the price of beans.

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

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 to N120,000 per bag, depending on the species.

A foodstuff trader at Agege market, Yakubu Ahmed, said the price drop was due to the recent harvest of the produce.

“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.

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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,” Mr Yakubu said.

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

“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, it sells at N110,000 or N100,000 for the same bag,” Mr Nwabueze said.

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

“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,” Ms Edet said.

Another resident in the Dopemu area, 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,” Ms Obalelenge said.

 

Lagos traders, consumers celebrate drop in price of beans

(NAN)