• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

Speculative Traders Hit by Unexpected Drop in Beans Prices

Olusola Blessing by Olusola Blessing
April 9, 2025
in Business, News
0
Speculative Traders Hit by Unexpected Drop in Beans Prices
Share

A miscalculated bet on the rising cost of beans has left many local speculative traders counting their losses, as the commodity’s price has plunged unexpectedly, wiping out anticipated profits.

The traders had stockpiled large quantities of beans earlier this year, hoping to sell them later at higher prices. But the market has not gone as predicted.

Between January and February, a mudu of beans sold for as high as ₦3,000 to ₦3,200. Expecting prices to climb further, many traders bought and stored large volumes. However, the current market survey shows a sharp decline, with beans now selling for as low as ₦1,800 to ₦2,000 in some markets across the Federal Capital Territory (FCT), Abuja.

One trader said she took a loan from her cooperative to buy beans, but the current prices have left her struggling to repay it.

“Last year, beans were very expensive. I had hoped that the price would continue to go up, so I took a loan and stored some. But now, wholesalers are selling for ₦2,000 or less,” she said. “I’m not even hoping for profit anymore. If I can recover my capital, I’ll be grateful.”

Another trader at the Garki Modern Market expressed similar concerns. “I bought five bags from Zuba and Keffi, thinking the price would skyrocket due to scarcity. But prices dropped. I won’t even recover half of my cost,” he said.

He added that the current price crash may discourage farmers from planting beans this season. “They may not prioritise beans cultivation, and if that happens, we’ll see the price go up again later in the year.”

Farmers are already considering their options. A member of the Small Scale Women Farmers Organisation in Nigeria (SWOFON) said that if the trend continues, there will be less beans farming this year.

“Most farmers rent their land. If they’re not making a profit, they may switch to other crops. Still, I urge farmers not to give up. What doesn’t favour you this season may favour you next time,” she said. She also appealed to the government to subsidize inputs like pesticides, citing rising insecurity and high costs as barriers.

Arc Kabir Ibrahim, president of the All Farmers Association of Nigeria (AFAN), attributed the price drop to weakened purchasing power. He noted that beans were not included in the import waiver granted by President Bola Tinubu in 2023.

“Many households can’t afford a mudu of beans, and that has dragged prices down,” he explained. However, he predicted that prices may rise again by August.

“The price crash might hurt farmers, but it’s part of the general trend across commodities. The key is value addition—processing beans into other products can help reduce losses and improve shelf life,” he added.

Post Views: 31
Share

Related Posts:

  • images (48)
    Food Prices Drop in Abuja, But Cost of Yam, Pepper,…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Fuel Price Reduction by Dangote Refinery Won't Lead to Immediate Price Cuts at Pumps, PETROAN Says
    Fuel Price Reduction by Dangote Refinery Won't Lead…
  • The Pivot Challenge
    Call for Applications: Pivot Challenge 2024 For…
  • Nigeria’s Bean Prices Plunge 37%, Easing Pressure on Consumers
    Nigeria’s Bean Prices Plunge 37%, Easing Pressure on…
Tags: FANMSMEsSMEs
Previous Post

Global Trade Tensions Rattle SMEs as U.S. Tariff Stance Fuels Market Chaos

Next Post

AfDB and BOAT Launch $7.5m Deal to Boost Trade for Tanzanian SMEs

Next Post
AfDB and BOAT Launch $7.5m Deal to Boost Trade for Tanzanian SMEs

AfDB and BOAT Launch $7.5m Deal to Boost Trade for Tanzanian SMEs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • SEC Highlights ₦8.6 Trillion in Children’s Investment Funds, Urges Early Financial Literacy
  • Labour Unions, ILO Urge Government Incentives to Promote Responsible Business and Decent Work
  • Lagos Partners ZoomLion to Modernise Waste Management, Create 5,000 Jobs
  • Access Bank Unveils ‘DBA Lite’ to Boost Digital Loans for Young Entrepreneurs
  • Lagos Links Social Register to NIN to Boost Welfare Delivery

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.