Hoarders unable to recoup capital as price of beans crashes by almost 50%, see new prices

• In an absorbing crook of events, the terms of beans has sustained a downward momentum for implicit 3 months
• The existent terms is much than 50% little than the terms arsenic astatine January 2025, and hoarders find themselves successful a fix
• In 2024, beans sold for arsenic precocious arsenic N12,000 to N15,000 for a 5 litre overgarment bucket, depending connected the type, but that is present history

Legit.ng journalist Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

Beans traders are near successful a fix, with mounting debts to repay, arsenic their speculations of further terms summation person backfired.

Instead of the anticipated increase, 2025 has seen the terms of beans clang gradually by much than 50% from the terms it sold past year.

Not lone is determination nary accidental of making the anticipated profits, the traders whitethorn nary longer beryllium capable to retrieve the superior aft hoarding their beans successful anticipation of higher prices.

The farmers said that determination was nary wide crushed to explicate the clang successful price, but expressed anticipation that the prices would spell up again Photo credit: Pius Utomi Ekpei/Contributor
Source: Getty Images

The traders had bulk purchased bags of beans astatine the opening of the twelvemonth successful the hopes of selling with immense margins aboriginal successful the year, but each successive period since past has seen the prices driblet adjacent further.

From January, erstwhile a mudu of beans sold betwixt N3,000 and N3,200, prices person dropped, present selling betwixt N1,800 and N2,000 successful Abuja,

Hoarders lament losses arsenic beans prices crash

A retention trader successful Abuja, Amaka Innocent, told The SUN that she had taken a indebtedness from a Cooperative radical she belonged to, and bought beans with the hopes of making tons of nett erstwhile prices spell up.

“Last year, beans were precise expensive. People bought beans for N4,000 to N3,500. I had hoped that the terms would proceed to spell up. So, I took a indebtedness from my cooperative, bought and stored. But now, Wholesalers merchantability beans for N2,000 and adjacent N1,800. I americium astatine a nonaccomplishment here. How bash I repay my loan?”

Mr. Peter Chukwudi, besides a trader astatine Garki Modern market, narrated that helium had bought 5 bags of beans successful anticipation of a terms summation similar was experienced past year.

He lamented that selling astatine the existent terms would not adjacent springiness him fractional the superior helium spent to acquisition it, adding that if the terms simplification continues, traders whitethorn not privation to works beans this year.

A Legit.ng survey shows that successful Lagos, a 5 litre overgarment bucket of chromatic beans (oloyin) which sold for N10,000 to N11,000 successful January has present dropped to N8,000 to N8,500. This point sold arsenic precocious arsenic N15,000 successful 2024.

The taxon known arsenic drum (olotu) beans has besides crashed from N9,000 successful January, 2025, to astir N6,000 oregon somewhat little by the archetypal week of April.

Interestingly, this merchandise sold arsenic precocious arsenic N12,000 betwixt June and September 2024, earlier the price drop started successful December.

Legit.ng survey shows that nutrient prices person mostly been connected the diminution since February 2025. Photo credit: Nurphoto
Source: Getty Images

Farmers springiness reasons for reduced price

Arc Kabir Ibrahim, the President of All Farmers Association noted that the terms simplification is arsenic a effect of reduced purchasing powerfulness among Nigerians.

He pointed retired that beans was not among the items to beryllium granted import waivers, but the summation successful terms of beans past twelvemonth meant that galore families could nary longer spend it causing request to drop.

With the reduced demand, prices crashed, and Ibrahim noted that adjacent if farmers are not blessed with the price, they would person to merchantability astatine the existent terms alternatively than instrumentality a 100% loss.

However, Arc Ibrahim predicted that prices would spell up again by August.

Price of beans, others driblet arsenic Ramadan starts

Legit.ng earlier reported that the terms of cardinal food items similar beans, maize, sorghum, peanuts, and millet dropped by up to 30%.

This was conscionable astatine the opening of the Ramadan season, and successful Potiskum, Yobe State, the terms of a 100kg container of millet fell from N80,000 to N60,000, portion reddish beans, antecedently sold for N120,000, dropped to N90,000.

Similarly, successful Damboa, Borno State, maize prices declined from N54,000 to N40,000, portion soybeans dropped from N40,000 to N32,000.

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Source: Legit.ng