Price of beans soars at Mile 12 market

The price of 100kg bag of beans at the popular Mile 12 Market in Lagos, has slightly increased from N22,000 to N23,000.

The new price regime is contained in a commodity index provided by Novus Agro Nigeria Ltd, a copy of which was obtained by the News Agency of Nigeria (NAN) on Friday in Lagos.

"Our inquiries from beans producing states in the country revealed that last year, few farmers planted beans due to scarcity of rain.

"We do not have enough beans in the market right now; and there is high demand for the commodity.

"People who have beans in stock are holding on to what they have while those who are willing to sell are giving it out at high prices,’’ Gaadi said.

She however stated that the price of a paint bucket measure of beans remained stable at N1, 000 at the market last week.

The commodity index showed that the pricie of 100kg bag of onions reduced slightly to N16, 500 as against the N16, 667 it attracted a week earlier.

The price of 2kg bag of onions remained the same at N500.

However the prices of other commodities remained stable at the market, a development the agro company attributed to epileptic rainfall and the low purchasing power of consumers.

For instance, the price of a 50kg bag of imported rice was stable at N13, 500 while the prices of 100kg bags of groundnut, sorghum, soya beans and maize sold for N26,000, N10,000, N7,000 and N11,000 respectively.

The price of 60kg bag of garri was also stable at N12, 800