Current Price of Bag of Beans in Nigeria

In the heart of West Africa, Nigeria stands as a powerhouse in the production of legume crops, particularly beans. Holding the title of Africa’s largest producer and the fourth largest globally, the country contributes a staggering 47 million tonnes annually. Despite this impressive output, Nigeria faces challenges in meeting the demands of its ever-growing population, resulting in a noticeable shortfall in bean supply.

Importance of Beans in Nigeria:

For many Nigerians, beans is not just a staple; it’s a primary source of protein. Commercial farmers also consider it a priceless commodity and a significant income source. However, the fluctuating price of beans, especially concerning for low and middle-income earners, often plays a crucial role in the decision to purchase.

Market Overview:

Due to a decentralized market and regional price variations, tracking bean prices in Nigeria can be challenging. Nevertheless, we’ve compiled average prices across six geopolitical zones to offer a comprehensive view.

Costs Across Geopolitical Zones:

1. South-South:

   • White beans: ₦35,000
   • Brown beans: ₦37,000
   • Noteworthy: Transportation costs influence prices due to reliance on imports from the northern region.

2. South East:

   • White beans: ₦35,000
   • Brown beans: ₦36,500
   • Market Dynamics: Despite being a commercial hub, prices remain relatively stable.

3. South West:

   • White beans: ₦36,000
   • Brown beans: ₦39,000
   • Market Complexity: Lagos, with the highest prices, experiences a downward trend, while Oyo and Ekiti show slight variations.

4. North East:

   • White beans: ₦32,500
   • Brown beans: ₦35,000
   • Regional Influences: Prices vary due to factors such as past security concerns, with the region being a major producer.

5. North Central:

   • White beans: ₦33,000
   • Brown beans: ₦34,000
   • Cost-Effective: North Central boasts one of the country’s lowest bean prices, with Abuja setting the trend.

6. North West:

   • White beans: ₦35,000
   • Brown beans: ₦35,500
   • Market Dynamics: Prices show a slight reduction post-festive periods, with variations in Kano due to the Dawanau grain market.

Conclusion:

This comprehensive guide provides insights into the dynamic bean market in Nigeria. It’s essential to note that the prices mentioned are averages and can be influenced by factors like religious holidays and fuel prices. Whether you’re a consumer or a commercial player, understanding these regional variations can help navigate the bean market more effectively.