Coconut demand rises, beans price crashes

Meanwhile, the Cowpea and Beans Farmers, Processors and Marketers Association of Nigeria (C&BFPMAN) has stated that high yield, among other factors, are responsible for the drop in the price of the produce in the country, even as the President of C&BFPMAN has given reasons for the price decline. The News Agency of Nigeria reports that as at the second and third quarters of 2024, the price of beans increased astronomically to between N210,000 and N240,000 for 100kg as against N90,000 that it was sold in 2023. From the first quarter of 2025, the produce witnessed a steady decline in price, as a bag of 100kg now sells between N80,000 and N120,000, depending on the species.

The C&BFPMAN President, Kabir Shuaibu, said increased harvest was the reason for the drop in price. “We are glad the price of beans and cowpeas in general has 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 price will drop. The reason for the hike in the price of beans last year was due to poor harvest in the previous year. You can imagine a farmer, who planted in a hectare of land and expecting bags of beans, but was only able to harvest a few bags due to flooding.

“Currently, a bag of beans up North costs between N80,000 and N120,000, depending on the species you are buying. This time last year, due to poor harvest, the same bag sold between N210,000 and N240,000. We hope for continued increase in harvest, as it benefits both farmers and consumers”, Shuaibu added. The Managing Director of Fresh2Home Ltd, Lagos, Esther Umeileka, has attributed the price drop to increased yield and less infestation of the produce, as witnessed in the previous year. “Last year, there was a case of insect attack, which affected the produce. This year, we have a lot of produce that crashed high prices. Another reason for the drop in the price of beans is that this year, the yield is quite high”, Umeileka said.

Another Lagos beans trader, Zainab Ahmed, said patronage increased since the drop in price. The hike in the price of the produce last year was not easy for our customers. They would just ask for the price and walk away. But now, everybody seems to be able to afford beans for their families, again, as the price has dropped to about N6,000 to N7,000 for a paint bucket, as against N13,000 to N14,000 it was sold last year”, Ahmed said.