Traders Increase Prices for Beans Across Major Markets
- Beans prices have risen sharply across major Lagos markets, with a derica now selling for between N1,200 and N1,300
- A 50kg bag of beans climbed from N125,000 in April to N160,000 in August, hitting both retail and wholesale buyers
- Traders across Costain and Oyingbo markets are pointing to seasonal off-season supply patterns as the key driver of the increase
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The cost of beans has surged across major markets in Lagos, pushing consumers to cut back on purchases and rethink their household food spending.
A survey of traders across several Lagos markets revealed that a derica of beans now goes for between N1,200 and N1,300. That marks a steep climb from the N500 to N800 range recorded between April and June this year.
Source: Getty Images
Seasonal factors behind the price surge
Monday Chukwu, a beans seller on Olaogun Street, Costain, said the current spike is not driven by a shortage or distribution problems but by the natural off-season cycle.
He explained that traders who held back stock from the first production period tend to benefit when supply tightens later in the year, NAN reports.
Chukwu said:
"It would only take about three months for everything to return to normal."
He added that consumers were gradually adjusting to the situation even as frustration grows.
Chukwu confirmed that a 50kg bag, which sold for N125,000 in April, had reached N160,000 by August. At Oyingbo Market, wholesale dealer
Amos Ogbonna echoed this view, saying prices could climb further depending on availability.
Ogbonna said he uses dry pepper to preserve stored beans and has maintained his usual buying volumes because his customers understand that the fluctuation is beyond his control.
Akara sellers and consumers feel the strain
The ripple effects have spread beyond household kitchens.
Okorie, a bean cake seller near St. Paul Primary School, Costain, said a cup of beans that previously cost N200 now fetches N250. She said sellers were also cutting the size of portions to manage costs.
She said:
"The size of the bean cake makes consumers dissatisfied and aggrieved."
Source: Getty Images
Mary Chigozie said her family had been forced to reduce how much beans they buy each week after sellers added up to N500 to the previous price in August.
She revealed that Nigerians have started turning to rice, garri, and spaghetti as cheaper substitutes.
Nigerians pay 4x more to cook a pot of jollof
Earlier, Legit.ng reported that the cost of preparing a pot of jollof rice has jumped by more than 400% in every geopolitical zone in Nigeria over the past decade, according to a new report by SBM Intelligence titled "Rebasing, Redefining, and the Weather's Toll on the Pot."
The report uses the Jollof Index, which has tracked the price of key ingredients needed to cook the meal since 2016, to show how persistent food inflation has weakened household purchasing power across the country.
The Southwest recorded the steepest climb of any region, with costs rising 708.2% over the period.
Source: Legit.ng
