The prices of beans have dropped significantly across major markets in Nigeria, reversing the sharp hikes recorded in 2024.
Market surveys by TheCable show that the price of both honey beans and brown beans has fallen compared to the highs recorded in 2024 due to improved harvests and increased supply.
At Garki International Market in Abuja, a 100kg bag of honey beans currently sells for N130,000, a significant drop from the N320,000 price recorded last year.
Brown beans in the same market also sell for N130,000 per 100kg bag, down from N260,000 in 2024.
The survey further showed that a 50kg bag of both honey beans and brown beans sells for N65,000.
A trader, Usman, attributed the price drop to increased availability as hoarders who stockpiled beans earlier in the year are now releasing their goods into the market.
“It is planting season. People were hoarding beans, but now that farmers have started planting again, they have no choice but to sell,” the trader said.
At Agboju Market in the Festac area of Lagos, a 100kg bag of honey beans now sells for N160,000, down from N250,000 in 2024, while the same quantity of brown beans is priced at N155,000, compared to N220,000 last year.
Also, the price of a 50kg bag of honey beans dropped to N82,000, from N135,000 in 2024, while brown beans now sell for N78,000, down from N120,000 last year.
According to a trader at the market who spoke on condition of anonymity, the prices largely depend on how much they purchase from suppliers.
“It is just the way we buy that we sell,” she said.
In Mowe Market, located in Ogun state, a 100kg bag of brown beans now sells for N140,000, compared to the over N200,000 sold in 2024.
Speaking on the price decline, Chijioke said he is unaware of the reason for the drop, “but I am happy it is reducing, and I’m sure other Nigerians will be happy too”.
‘BUMPER HARVEST DRIVING DOWN PRICES’
Also confirming the development to TheCable, Kabir Shuaibu, president of the Cowpea and Beans Farmers, Processors, and Marketers Association of Nigeria, said the price drop is a direct result of improved yields from the last farming season.
“Well, it is this year that the reduction has happened, and the cause of the reduction is as a result of the yield,” Shuaibu said.
“Farm produce — what farmers used to get before — has multiplied. If a farmer used to produce 100 bags before, this last season they produced more than 200 bags. The number of produce has actually multiplied.
“In fact, let me say that for the past three decades, farmers have never experienced the kind of output they got this last season. That is why the price has come down. You know the saying — the higher the quantity, the lower the price. It is simply because the produce is available in the market.
“Whenever there is scarcity, you expect prices to go up, but now there is availability, and that is what has caused the reduction.”
According to the association’s president, prices are still varying based on the type of beans and market location, but they have dropped across board.
“From my own end, even this last weekend — from Friday to Saturday — I know some markets sold 100kg bags for N90,000, others for N85,000, some for N100,000 or N95,000,” he said.
“But previously, especially in 2023 and 2024, you could only get the same bag for N200,000, N216,000, N220,000 or even as high as N280,000 depending on the variety.”
Shuaibu, however, called for more government support to help farmers sustain the trend, noting that mechanised farming is key to increasing production and keeping prices affordable.
“If there is much number of bags of beans, of course, the society will get the output as low as it can get. Without support, farmers can’t multiply their production, and when there’s no availability, the prices go up,” he said.
“Most farmers still practice manual farming, but there is a need to shift to mechanised farming. If that happens, a farmer who produces 10, 20, or 50 bags can increase to 500 bags or even 1,000 bags. When that happens, prices will continue to crash because availability drives prices down.”
The latest development comes as food inflation remains a major concern for households across the country.
According to the National Bureau of Statistics (NBS), Nigeria’s food inflation rate in May 2025 was 21.14 percent on a year-on-year basis.
The Lagos Chamber of Commerce and Industry (LCCI) had warned that food inflation may rise in the third and fourth quarters of 2025 due to insecurity and floods.
LCCI said recent herdsmen-farmers clashes in the middle-belt region, alongside flooding disasters, are indicators of a looming shortfall in food harvest.
(The cable)
