Surge in Bean Prices Hits Lagos Markets, Consumers Adjust

The cost of beans has significantly increased across major markets in Lagos, with a derica now priced between N1,200 and N1,300, a sharp rise from the N500 to N800 range recorded between April and June 2023. Monday Chukwu, a trader on Olaogun Street, Costain, stated that the price spike is not due to shortages or distribution issues but rather the natural off-season cycle.

He noted that a 50kg bag of beans, which sold for N125,000 in April, has now reached N160,000 by August. Amos Ogbonna, a wholesale dealer at Oyingbo Market, indicated that prices could continue to rise depending on availability.

The increase in bean prices has led consumers, such as Mary Chigozie, to reduce their purchases and seek cheaper alternatives like rice and spaghetti. Okorie, a bean cake seller, reported that her product's price has also increased from N200 to N250, with sellers reducing portion sizes to manage costs.