Business
Consumers Rejoice As Bean Prices Collapse By Over 100%
The Cowpea and Beans Farmers, Processors, and Marketers Association of Nigeria (C&BFPMAN) has attributed the recent crash in the price of beans and cowpeas to a bumper harvest across farming regions.
Speaking in separate interviews with the News Agency of Nigeria (NAN) on Sunday, stakeholders, including farmers, wholesalers, and consumers, highlighted increased yields, fewer pest attacks, and improved farm access as the key drivers behind the price drop.
Just last year, a 100kg bag of beans sold for as high as ₦210,000 to ₦240,000, up from ₦90,000 in 2023. But by the first quarter of 2025, the price steadily declined. Today, that same bag goes for ₦80,000 to ₦120,000, depending on the variety.
According to the President of C&BFPMAN, Kabir Shuaibu, last year’s high prices were a result of poor harvests caused by flooding and other climate-related challenges.
Shuaibu explained, “The main reason for the drop in price is the increase we got from our cultivation. We harvested over 10 times what we usually harvested in the past years.
“You can imagine a farmer who planted a hectare expecting 10,000 bags but ended up with just a few due to flooding. That scarcity caused the spike last year.”
Shuaibu said farmers learned from the hardship and adapted by intercropping beans with corn to maximise yields.
Shuaibu further stated, “Another reason for the surplus is that farmers didn’t take chances this time. While cultivating corn, they also planted beans and cowpeas in the same rows. That method increased harvest and brought down prices.
“A bag of beans in the North now sells between ₦80,000 and ₦120,000, depending on the species. As of this time last year, it was over ₦200,000.
He expressed hope that the trend continues, benefiting both farmers and consumers.
Wholesalers, Consumers React To Falling Prices
Mrs. Esther Umeileka, Managing Director of Fresh2Home Ltd. in Lagos, said the reduced price is not only due to higher yields but also because of improved crop quality.
“Last year, we dealt with insect and weevil attacks. This year, we didn’t experience that. There was less spoilage, and government policies have helped too,” Umeileka said.
At Oyingbo market in Lagos, beans trader Mrs. Zainab Ahmed noted a major boost in patronage.
Ahmed said, “Last year, customers just priced and walked away. A paint bucket of beans sold for ₦13,000 to ₦14,000. Now, it goes for ₦6,000 to ₦7,000. Everyone can afford it again.”
For many Nigerian households, the affordability of beans has brought relief. Mrs. Tonia Sanwo, a consumer, described the staple as a necessity in her home.
Sanwo stated, “We used to buy a small cup for ₦2,000 to ₦2,500 last year. Now it sells between ₦800 and ₦1,000. We’re really glad.”
Another consumer, Mrs. Favour Braye, a civil servant, linked the price drop to improved farm security.
She said, “The price of beans has really dropped in comparison to the prices last year.
“The farmers complained that insecurity on their farms resulted in poor yields the previous year.
“However, with ease of access to their farms, the price of beans has dropped and we are all happy about it. More people can now afford beans as it is a common staple in Nigerians homes.”
Naijanews.com
The cost of importing petrol into Nigeria has dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen to N1,117 per litre.
The figure is now significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
The development comes days after the mega refinery reduced its ex-depot petrol price from N1,275 to N1,250 per litre in response to changing market conditions.
The latest MEMAN pricing template suggests that fuel importers may now enjoy a competitive edge over domestic refiners as international crude prices continue to soften. Aside from petrol, the landing costs of other petroleum products also recorded notable declines.
According to the data, diesel landing cost dropped to N1,470 per litre, compared to Dangote Refinery’s price of N1,700 per litre. Aviation Turbine Kerosene (ATK), commonly known as aviation fuel, also fell to N1,426 per litre, while Dangote’s price remains N1,650 per litre.
MEMAN estimated the exchange rate for fuel imports at N1,366.85 per dollar, reflecting the prevailing official foreign exchange rate at the time of the calculation.
Some filling stations along the Lagos-Ibadan Expressway and in other locations across Lagos and Ogun states have reduced petrol prices below N1,300 per litre.
This follows a price cut announced by the Dangote Petroleum Refinery on Sunday.
The refinery adjusted its ex-depot gantry price of petrol down to N1,250 per litre from N1,275 per litre, while also slashing the price of diesel to N1,700 per litre from N1,800 per litre.
According to Dangote officials, the price review reflects a recent decline in global oil prices and reinforces the company’s commitment to making refined products more affordable while providing cost relief to Nigerian consumers and businesses.
Following the announcement, observations across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pumps. For instance, MRS filling stations reduced their petrol pump price to N1,286 per litre, NIPCO and Heyden retailed the product at N1,290 per litre, and SGR adjusted its price to N1,297 per litre.
Reductions were also recorded in the diesel market, with many filling stations dropping their prices to N1,800 per litre from the previous N1,900 per litre.
Despite these downward adjustments, many retail outlets still sell petrol above the N1,300 mark. Outlets operated by the Nigerian National Petroleum Company Limited (NNPC) in Ibafo adjusted their pumps to N1,305 per litre, while Mobil and Asharami sold the product at N1,310 and N1,320 per litre, respectively.
The overall price drop comes after a prolonged period of high fuel costs in Nigeria, which saw petrol skyrocket from N830 per litre to over N1,300 after global crude oil climbed past $115 per barrel due to tensions between the United States and Iran.
Barely 24 hours after announcing a reduction in the price of premium motor spirit (PMS), commonly known as petrol, Dangote Refinery has adjusted its ex-depot price upward, joining several other fuel depot operators in responding to renewed volatility in the global oil market.
The latest development comes after the refinery had cut petrol prices twice within two days, lowering its ex-depot rate from N1,275 per litre to N1,250 per litre.
However, fresh market data now indicates a reversal of that trend as rising crude oil prices continue to influence domestic fuel pricing.
Industry observers attribute the latest increase to growing uncertainty in the international energy market, particularly concerns surrounding the Strait of Hormuz, a critical shipping route for global oil supplies.
Data from PetroleumPriceNG shows that Dangote Refinery increased its petrol price by 0.46 per cent to N1,256 per litre, up from N1,250 per litre announced earlier.
The refinery’s adjustment was mirrored by several major depot operators across the country. According to the data, AIPEC raised its petrol price to N1,252 per litre, while Ardova also fixed its rate at N1,252 per litre. Bulk Strategic and Liquid Bulk both increased their prices to N1,285 per litre.
The coordinated adjustments reflect growing concerns among marketers and depot operators over the rising cost of crude oil and the need to manage pricing risks.
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