Price Plunge: Nigerians Rejoice as Beans & Cowpea Costs Crash by Over 100%
In a significant relief for households battling persistent food inflation, the price of beans and cowpeas has plummeted across Nigerian markets. This welcome downturn, confirmed by agricultural experts, sees prices dropping by more than 100% compared to just a year ago, bringing smiles to consumers nationwide.
The Harvest Bonanza:
The primary driver behind this dramatic price crash is attributed to an unprecedented "bumper harvest" during the most recent farming season (late 2024 to early 2025). The Cowpea and Beans Farmers, Processors and Marketers Association of Nigeria (C&BFPMAN) has heralded this success, with President Kabir Shuaibu reporting that farmers achieved "over 10 times what we usually harvested in past years," with some areas witnessing a triple increase in yield per hectare.
This surge in production is a testament to more favorable weather conditions and potentially more robust cultivation practices by farmers. Additionally, the strategic use of intercropping – where farmers planted beans and cowpeas alongside other crops like corn – contributed to the overall abundance.
Fewer Pests, More Produce:
Another crucial factor in this season's success has been a noticeable reduction in pest infestations. Wholesalers like Esther Umeileka have observed significantly fewer insects and weevils affecting the produce compared to the previous year. This "pest-free harvest" means more marketable produce reaching consumers, further bolstering supply.
Supply Floods Demand, Prices Tumble:
The exponential increase in harvest yields has led to a massive influx of beans and cowpeas into the market. According to fundamental economic principles, when supply significantly outstrips demand, prices naturally decline. This surge in availability has made the once-costly staple much more affordable, leading to increased consumer patronage and a vibrant market.
A Stark Contrast to Last Year's Hardship:
The current affordability stands in stark contrast to mid-2024, when a 100kg bag of beans commanded a staggering ₦210,000 to ₦240,000. Today, the same 100kg bag can be purchased for a much more accessible ₦80,000 to ₦120,000, depending on the variety. This represents a remarkable price depreciation of over 100%, directly reversing the previous year's hardships caused by poor harvests.
What This Means for Nigerians:
This significant drop in the price of a critical food staple is a moment of relief for countless Nigerian families, offering tangible respite from the high cost of living and contributing positively to immediate food security. It underscores the vital role of agricultural productivity in stabilizing food prices.
However, the volatile nature of agricultural markets in Nigeria means that while this trend is welcome, its sustainability will depend on ongoing efforts to address challenges such as persistent insecurity, the unpredictable impacts of climate change, and the need for improved storage and distribution infrastructure to ensure long-term price stability.
