Low Mechanisation, Weak Currency Trigger Beans Price Hike

Low mechanisation in the agriculture sector as well as weak local currency to support importation have triggered over 70 per cent hike in the price of beans across the country, a LEADERSHIP Weekend investigation has revealed.

Across major markets in Lagos, Ogun, Oyo, Abuja among other parts of the country, the price of beans has increased astronomically in the last few months.

Our findings revealed that a small bag of honey and drum beans, which is previously sold at N7,500 is now sold at N45,000 while the big bag earlier sold at N15,000 now hovers between N90,000 and N100,000.

Similarly, a derica (big tomato tin) of beans sold earlier in the year at N200 now goes for N700.

Although, insecurity contributed to shortage of beans which triggered the price, low mechanisation and weak local currency were also identified as key determinants of the price surge.

Speaking on this development, the president, All Farmers Association of Nigeria (AFAN), Arch. Kabir Ibrahim, attributed it to lack of mechanisation to enhance production and weak local currency to support importation.

Ibrahim said because the demand gap is so huge, the cost had continued to rise as insecurity has forced farmers out of their farms.

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