No More N240,000: Traders Announce New Price of Beans Across Different Markets

• The Cowpea and Beans Farmers, Processors and Marketers Association of Nigeria (C&BFPMAN) attributed the recent decline in agricultural prices to high harvest yields
• The price of beans, which had surged to N240,000 per 100 kg in 2024, dropped to between N80,000 and N120,000 in 2025 due to an abundant harvest and improved farming practices
• Additionally, wholesalers like Esther Umeileka of Fresh2Home Ltd. cited fewer pest infestations and government policies as factors contributing to the price reduction

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

Among other factors, the Cowpea and Beans Farmers, Processors and Marketers Association of Nigeria (C&BFPMAN) have cited high harvest yields as the cause of the decline in the nation's agricultural prices.

Separate interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos revealed the causes of the price decline, as shared by the president of C&BFPMAN and a few dealers.

According to NAN, the price of beans skyrocketed to between N210,000 and N240,000 per 100 kg in the second and third quarters of 2024, compared to N90,000 in 2023. However, the price of the produce started to steadily drop in the first quarter of 2025. Depending on the species, a 100 kg bag currently sells for between N80,000 and N120,000.

Speaking about the causes of the produce price decline, Mr. Kabir Shuaibu, President of C&BFPMAN, stated that the higher harvest from the cultivation is the cause of the price drop.

“We are glad the price of beans and cowpeas, in general, have dropped since the harvest from last year. We harvested over 10 times what we usually harvested in the past years.

“The main reason for the drop in price is the increase we got from our cultivation. This implies that with increased supply of the produce, the prices will drop.

“The reason for the hike in the price of beans last year was due to the poor harvest in the previous year. You can imagine a farmer who planted on a hectare of land and was expecting 10,000 bags of beans but was only able to harvest a few bags due to flooding. The situation of the beans hike we witnessed last year was one we had not experienced in the sector for the past 10 years. We hope it does not recur,” Shuaibu said.

He pointed out that the price of the produce crashed because a hectare of land produced three times as many bags of beans and cowpeas as it usually does, which is 10,000 bags, Daily Champion reported.

“Another reason for the surplus in the harvest of beans this year is that farmers did not take any chances. While cultivating corn, they also planted beans and cowpeas along the rows, hence the increased harvest and subsequent drop in price of the produce.

“Currently, a bag of beans up North costs between N80,000 and N120,000 depending on the species you are buying. As of this time last year, due to the poor harvests, the same bag sold between N210,000 and N240,000.

“We do hope for continued increased harvest in the sector as it benefits both the farmers and the consumers,” he told NAN.

A wholesaler, Mrs. Esther Umeileka, the Managing Director of Fresh2Home Ltd., Lagos, attributed the price drop to increased yield and less infestation of the produce, as was witnessed in the previous year.

“Last year, there was a case of insect/weevil attacks which affected the produce; this year, we have a lot of produce that crashed high prices. Also, we have adjusted to the government policies. Another reason for the drop in the price of beans is that this year the yield from the harvests is quite high,” Umeileka said.

New price emerges as beans crashes by almost 50%

Legit.ng reported that bean traders are left in a fix, with mounting debts to repay, as their speculations of further price increases have backfired.

Instead of the anticipated increase, 2025 has seen the price of beans crash gradually by more than 50% from the price it sold for last year.

Not only is there no chance of making the anticipated profits, but the traders may no longer be able to recover the capital after hoarding their beans in the hope of higher prices.

Source: Legit.ng