Enugu Traders Face Heavy Losses as Bean Prices Crash
Traders in Enugu who stored beans hoping for higher prices are now suffering heavy losses after the price of beans dropped sharply.
Many traders who bought a 100kg bag of beans for about N160,000 last year are now finding the same bag selling for only N140,000 in some markets.
Mrs. Onyinye Ozioko, who sells beans at New Market in Enugu, said this year has been the worst for her business. “I stored 10 bags of 50kg beans. In the past, I would make about 60% profit, but now I’m losing money on every bag, and that doesn’t even include the transportation costs,” she shared.
Stephen Ogbu, another trader at Ogbete Main Market, explained that the price crash is hurting his business. “Some of us took loans to store beans, thinking the price would go up, but now we’re selling at a loss. Beans can’t be stored for too long or they spoil, so this is a big problem for us,” he said.
He blamed the drop on beans from the North arriving earlier than expected. “While we’re still planting here due to delayed rainfall, the North has already started harvesting and flooding our markets. Normally, we’d see a shortage of beans in the east, but fresh beans are flooding the market, leaving our stored ones underpriced.”
Many traders, like Ogbu, are now forced to sell quickly or risk even more losses as beans begin to spoil. “If we don’t sell soon, they’ll get attacked by pests,” he added.
Economist Dr. Paulinus Eze called for better storage facilities to prevent such losses. He said, “If there were proper storage, beans could be kept longer, and traders wouldn’t face such losses. The government should step in to help by buying back the beans at fair prices, supporting both traders and farmers.”
Eze warned that without support, traders may stop investing, which could lead to job losses and worsen food shortages.
