Some Lagos State foodstuff traders and consumers are elated over the recent drop in the price of beans.

The residents expressed their joy over the price reduction in separate interviews on Friday in Lagos.

There has been a slight drop in the price of beans, which had consistently risen over the past few months.

A 100kg bag of beans, which sold for as high as N150,000 to N140,000 in previous months due to a shortage, has recently dropped in price to about N100,000 to N120,000 per bag, depending on the species.

A foodstuff trader at Agege Market, Mr. Yakubu Ahmed, said the price drop was due to the recent harvest of the produce.

“We have witnessed a slight drop in the price of beans for about two weeks now. For some months, the price kept rising due to the unavailability of the produce, but now there is a little respite.

“There has been a fresh harvest of beans up North, hence the slight drop in the price.

“Weeks ago, we sold a paint bucket of honey beans (oloyin) at N12,000, but now we sell it for between N8,000 to N9,000 for the same quantity.

“The drum species sells at N8,000 too, as against N11,000 previously. We sell the mini honey beans at N6,500, as against N8,500 before.

“Though the price reduction is not so much, it is still a respite for most consumers,” Yakubu said.

On his part, Mr. John Nwabueze, a foodstuff trader at Iyana-Ipaja, said the reason for the price drop was uncertain.

“We cannot really say what brought the price of beans down, as in the first place, we do not know why the sudden hike months ago.

“Three months ago, we bought a bag of beans for as high as N140,000, but recently it now sells at N120,000.

“The price of drum beans really came down. A bag was sold for N120,000, but now it sells at N110,000 or N100,000 for the same bag.

“We are grateful for the price, even if the reason for the drop is not clear. We hope the prices will not soar at the yuletide.

“The prices of foodstuffs are uncertain. As traders, we can no longer predict the price,” Nwabueze said.

On her part, Mrs. Cornelia Edet, a resident in the Ketu-Ikosi axis of the state, expressed her joy at the recent drop in the price of beans.

“When the price of beans went up, I reduced the quantity I was buying.

“A paint bucket of honey beans at my neighbourhood market used to sell for as high as N16,000, so I usually opted for half a paint bucket.

“However, last week I bought a paint bucket of the same beans at N10,000. I am glad the price is dropping,” Edet said.

Another resident in the Dopemu area of the state, Mrs. Sandra Obalelenge, said she found out about the reduction in price after buying the produce at a higher price.

“I heard that the price had dropped after I had bought a paint bucket of beans at N10,500 two weeks ago. Presently, the same quantity of beans sells for between N7,500 and N8,000.

“I will quickly go and restock before the price increases again,” Obalelenge said. (NAN)