By Ephraim Agbo
Just a few months ago, beans were practically a luxury. Now, it’s flooding the markets like never before, and the prices have nosedived so hard that even seasoned traders are scratching their heads.
From ₦240,000 per 100kg bag to just ₦80,000–₦120,000, the drop is more than 100% in some markets. But while households are rejoicing, others are sounding the alarm.
Let’s unpack it.
🛒 “At Last, We Can Eat Well Again” – Households Rejoice
For many families, the bean crash is a relief.
“Last year I was buying one cup for ₦2,000. Now I get it for ₦800 or less. My children are eating beans again,” says Mama Uche, a trader in Nyanya Market, Abuja.
The timing couldn’t be better. With rising fuel costs and food inflation making life harder, this unexpected drop in a protein staple is a breath of fresh air.
🧑🏾🌾 Farmers: “We Worked Hard, But Now We Can’t Even Smile”
But it’s not all smiles.
Many smallholder farmers are deeply worried. The bumper harvest came with high expectations, but they’ve been met with low profits.
“We spent more on fertilizer and labour this year, thinking prices will stay up. Now we are selling at a loss,” said Adamu Yakubu, a bean farmer in Bauchi.
Others are considering pulling back from beans next season if the market doesn’t stabilize. That’s not just bad news for them—it could spell danger for next year’s food supply.
📈 Economists: “This Is a Classic Case of Boom and Bust”
Agricultural economists have weighed in, describing this price crash as a predictable consequence of unregulated bumper harvests.
“Nigeria lacks a working grain reserve system,” says Dr. Chinyere Eze of Ahmadu Bello University. “So, when production spikes, prices collapse. Then by the next dry season, scarcity and high prices return. It’s a vicious cycle.”
This isn’t just about beans—it’s a warning for other staple crops too.
💼 Traders: “This is Chaos!”
Not all traders are winning either. Some who stocked beans months ago at high prices are now selling at a loss—or hoarding in hope of a price rebound.
“I bought 50 bags in February for ₦200,000 each. Now people want to buy at ₦100,000? I'm not selling!” says Bala, a bulk trader in Kano.
Others have embraced the boom in consumer demand, making their profit from volume instead of margin.
🤔 Food Security Experts: “Don’t Celebrate Just Yet”
The crash may look like good news, but food system experts warn that it could backfire:
- If farmers quit bean production next year due to low profits, the market could experience a serious shortfall.
- Lack of storage and processing infrastructure means a lot of this surplus will rot before it’s consumed.
“We need policies that protect both farmers and consumers. Price control, storage subsidies, and improved access to local processing can help,” notes Fatima Musa, a food systems analyst in Jos.
🔁 So, Is This a Blessing or a Burden?
The crash in bean prices is both a win and a warning.
- ✔️ Good for short-term affordability
- ⚠️ Bad for long-term sustainability
- ❓ Risky for future planting seasons
🔚 Final Thoughts
Nigerians are thrilled to eat better for less right now—but this must spark a serious conversation about how we manage our agriculture sector. If not, we might soon go from “beans for all” to “no beans at all.”
🗨️ What’s your take? Are you happy about the drop or worried about what comes next?
Let’s talk in the comments below.
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