Price of beans decliness across markets as traders reveals new cost

• The Cowpea and Beans Farmers, Processors and Marketers Association of Nigeria (C&BFPMAN) attributed the caller diminution successful cultivation prices to precocious harvest yields
• The terms of beans, which had surged to N240,000 per 100 kg successful 2024, dropped to betwixt N80,000 and N120,000 successful 2025 owed to an abundant harvest and improved farming practices
• Additionally, wholesalers similar Esther Umeileka of Fresh2Home Ltd. cited less pest infestations and authorities policies arsenic factors contributing to the terms reduction

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Among different factors, the Cowpea and Beans Farmers, Processors and Marketers Association of Nigeria (C&BFPMAN) person cited precocious harvest yields arsenic the origin of the diminution successful the nation's cultivation prices.

Photo Credit: FrankvandenBergh
Source: Getty Images

Separate interviews with the News Agency of Nigeria (NAN) connected Sunday successful Lagos revealed the causes of the terms decline, arsenic shared by the president of C&BFPMAN and a fewer dealers.

According to NAN, the terms of beans skyrocketed to betwixt N210,000 and N240,000 per 100 kg successful the 2nd and 3rd quarters of 2024, compared to N90,000 successful 2023. However, the terms of the nutrient started to steadily driblet successful the archetypal 4th of 2025. Depending connected the species, a 100 kg container presently sells for betwixt N80,000 and N120,000.

Speaking astir the causes of the nutrient terms decline, Mr. Kabir Shuaibu, President of C&BFPMAN, stated that the higher harvest from the cultivation is the origin of the terms drop.

“We are gladsome the terms of beans and cowpeas, successful general, person dropped since the harvest from past year. We harvested implicit 10 times what we usually harvested successful the past years.“The main crushed for the driblet successful terms is the summation we got from our cultivation. This implies that with accrued proviso of the produce, the prices volition drop.“The crushed for the hike successful the terms of beans past twelvemonth was owed to the mediocre harvest successful the erstwhile year. You tin ideate a husbandman who planted connected a hectare of onshore and was expecting 10,000 bags of beans but was lone capable to harvest a fewer bags owed to flooding. The concern of the beans hike we witnessed past twelvemonth was 1 we had not experienced successful the assemblage for the past 10 years. We anticipation it does not recur,” Shuaibu said.

He pointed retired that the terms of the nutrient crashed due to the fact that a hectare of onshore produced 3 times arsenic galore bags of beans and cowpeas arsenic it usually does, which is 10,000 bags, Daily Champion reported.

“Another crushed for the surplus successful the harvest of beans this twelvemonth is that farmers did not instrumentality immoderate chances. While cultivating corn, they besides planted beans and cowpeas on the rows, hence the accrued harvest and consequent driblet successful terms of the produce.“Currently, a container of beans up North costs betwixt N80,000 and N120,000 depending connected the taxon you are buying. As of this clip past year, owed to the mediocre harvests, the aforesaid container sold betwixt N210,000 and N240,000.“We bash anticipation for continued accrued harvest successful the assemblage arsenic it benefits some the farmers and the consumers,” helium told NAN.

Photo Credit: Marc Dozier
Source: Getty Images

A wholesaler, Mrs. Esther Umeileka, the Managing Director of Fresh2Home Ltd., Lagos, attributed the terms driblet to accrued output and little infestation of the produce, arsenic was witnessed successful the erstwhile year.

“Last year, determination was a lawsuit of insect/weevil attacks which affected the produce; this year, we person a batch of nutrient that crashed precocious prices. Also, we person adjusted to the authorities policies. Another crushed for the driblet successful the terms of beans is that this twelvemonth the output from the harvests is rather high,” Umeileka said.

New terms emerges arsenic beans crashes by astir 50%

Legit.ng reported that legume traders are near successful a fix, with mounting debts to repay, as their speculations of further terms increases 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 for past year.

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

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Source: Legit.ng