business

Beans Prices Drop to ₦80,000 per Bag in Nigeria, Offering Relief to Consumers

Published

2 months ago

July 1, 2025

Beans Prices Fall Drastically in Nigeria, Offering Relief to Households and Traders

In a significant turn of events for Nigerian households, the price of cowpea and beans has dropped sharply in 2025, bringing much-needed relief to consumers and traders across the country. A 100kg bag now sells for between ₦80,000 and ₦120,000, down from the staggering ₦210,000 to ₦240,000 recorded just a year ago.

The price slump is being attributed to a bumper harvest, improved weather conditions, increased cultivation, and a better security situation in farming regions.

Bumper Harvest Drives Supply Surge

According to the Cowpea and Beans Farmers, Processors and Marketers Association of Nigeria (C&BFPMAN), farmers witnessed harvests up to ten times higher than previous years. This dramatic increase in output is credited to:

Favourable weather
Wider adoption of intercropping (beans with corn)
More farmers planting beans to recover past losses

“In the last harvest season, we produced over ten times what we used to. With that level of supply, it’s only natural for prices to come down,” said the association’s president.

Price Drops Across Markets

The impact of the price reduction is evident across key markets:

In Oyingbo Market, Lagos, a paint bucket of beans now sells for ₦6,000 to ₦7,000, down from ₦13,000 to ₦14,000 last year.
A derica cup, which once cost ₦2,000 to ₦2,500, now sells for just ₦800 to ₦1,000, depending on the variety.

Wholesalers and retailers confirm that the supply has improved across the board, with fewer losses due to pests or weather-related issues.

Improved Security Boosts Production

Another key factor is improved security in many farming regions. Farmers who were previously displaced due to insecurity have returned to their lands, allowing for larger-scale cultivation.

“Last year, we struggled with insect attacks and limited access to farms. This year, with better security and support, the harvest was smoother and more productive,” said a trader and Managing Director of Fresh2Home Ltd.

Consumers Welcome Relief

Lagos residents say the new prices are easing household food costs.

“Beans used to be a luxury. Now I can cook it regularly for my family without financial stress,” said one consumer.

A Positive Sign for Food Stability

The falling cost of beans is not only easing inflationary pressures on consumers but also serving as a hopeful indicator of improving food stability in Nigeria. Both farmers and market leaders are optimistic that with sustained government support, improved security, and favourable weather, this positive trend can continue.

business

Discover Life-Changing Digital Products You Can Buy Today on Selar

Published

2 weeks ago

September 1, 2025

globa_admin

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business

We are Hiring: Social Media Growth Ambassadors (2 Positions)

Published

4 weeks ago

August 18, 2025

globa_admin

Remote | Part-Time or Flexible Hours

Are you active on social media and passionate about business, jobs, and opportunities?
Do you know how to attract attention, spark engagement, and drive traffic online?
Then this opportunity is for you!

Role Overview:

We are looking for 2 dynamic individuals to serve as Social Media Growth Ambassadors for GlobabizEmpire.com — a trusted online platform for global jobs, business insights, and income opportunities.

Key Responsibilities:

Promote GlobabizEmpire.com consistently on Facebook, Instagram, WhatsApp, TikTok, or X
Share daily job updates, business news, and smart money tips from the website
Drive website traffic using content, trends, reels, and referral links
Respond to DMs/comments and convert viewers into website visitors
Provide weekly reports on reach, impressions, and traffic performance

What You’ll Need:

A strong presence on social media (min. 2,500 followers on at least one platform)
Great communication skills and social media creativity
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Passion for helping people grow their careers or income

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Monthly stipend + performance-based bonus
Opportunity to grow your personal brand with us
Free digital training + content materials
Certificate of Digital Advocacy (upon successful campaign)

How to Apply:

Send us a message with:

Your full name
Link to your active social media profiles
Short message on why you are the perfect fit
Screenshot of your past engaging post (if available)

Email: [email protected]
WhatsApp: +234 8153507382
Deadline: August 22, 2025

business

NEXIM Bank and SMEDAN Partner to Strengthen SME Export Capacity Nationwide

Published

2 months ago

July 25, 2025

globa_admin

NEXIM Bank and SMEDAN Sign Landmark MoU to Boost SME Export Growth in Nigeria

In a bold move to strengthen Nigeria’s small business ecosystem, the Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a groundbreaking Memorandum of Understanding (MoU) aimed at accelerating the growth and global competitiveness of Small and Medium Enterprises (SMEs) across the country.

A Strategic Partnership for Economic Transformation

This MoU formalizes a strategic alliance between NEXIM and SMEDAN, focusing on:

Export financing and access to global markets
Tailored financial products for SMEs
Capacity-building and training programs
Promotion of Made-in-Nigeria products internationally

The collaboration is expected to streamline trade facilitation and offer Nigerian SMEs the tools and support needed to thrive in international value chains.

Empowering SMEs for Global Competitiveness

Speaking at the signing ceremony, Abba Bello, Managing Director/CEO of NEXIM Bank, emphasized the significance of this partnership in preparing Nigerian SMEs to compete globally, particularly under the African Continental Free Trade Agreement (AfCFTA).

“This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs. By combining our financial instruments with SMEDAN’s development expertise, we are creating a robust support framework that enables small businesses to scale and succeed in export markets,” Bello said.

Removing Barriers and Unlocking Opportunities

On his part, Charles Odii, Director-General of SMEDAN, noted that the agreement will help eliminate major hurdles that have long hindered SMEs from tapping into international markets.

“Our goal is to ensure Nigerian SMEs have not just the skills but also the financial backing to grow. This MoU with NEXIM Bank paves the way for real participation in global trade,” Odii remarked.

He also outlined key focus areas of the collaboration:

Providing export-oriented financing solutions
Offering expert training and advisory services
Simplifying export processes for MSMEs

🇳🇬 Aligning with Nigeria’s Economic Diversification Agenda

This partnership supports the federal government’s broader vision of economic diversification and inclusive growth, particularly through public-private partnerships that empower micro, small, and medium-sized enterprises (MSMEs).

About the Agencies

NEXIM Bank, established under Act 38 of 1991, is Nigeria’s official Export Credit Agency, providing financing, risk management, and advisory services to support the development of non-oil exports.

SMEDAN, created by the SMIDA Act of 2003, is the federal government’s leading institution tasked with fostering the growth, sustainability, and global competitiveness of MSMEs across Nigeria.