In a remarkable shift that could redefine Nigeria’s economic outlook, the price of beans—a staple food consumed by millions—has dropped by over 100% following an unprecedented bumper harvest. This development is not just a welcome relief for households battling high inflation but a major indicator that President Bola Tinubu’s food security interventions are beginning to yield tangible results.
For decades, Nigeria has grappled with food insecurity and volatile staple prices due to insecurity, underinvestment, and poor logistics. However, the latest surge in agricultural output—led by strategic reforms in farming practices, seed distribution, and intercropping incentives—is reshaping that narrative. In the short term, the ripple effect is already visible: market prices for beans have collapsed from ₦240,000 to as low as ₦80,000 per 100 kg bag, bringing significant relief to Nigerian families and signaling the beginning of a potential nationwide drop in food prices.
Even amid economic challenges, Nigeria still ranks as one of the cheapest places in the world to buy a meal. As new initiatives expand domestic production across other food staples, experts believe that the country may soon enter a golden era where food becomes not only affordable but also abundantly accessible, laying a solid foundation for inclusive growth and poverty reduction.
There are global benchmarks that make this a critical turning point for Nigeria’s economic resilience.
Bean Prices Crash After Record Harvest
Price collapse: In early 2025, a 100 kg bag of beans in Nigeria dropped to ₦80,000–₦120,000—down from ₦210,000–₦240,000 in mid‑2024; in some markets (e.g., Abuja, Lagos), honey and brown beans fell from as high as ₦320,000 to approximately ₦130,000 per 100 kg bag.
Farmers cite record harvests—from favorable weather, expanded cultivation, intercropping beans with corn, and increased farm access as the cause.
Scale of gains: Yields reportedly surged 3–10× compared to previous years; per-hectare output for beans and cowpeas significantly exceeded norms.
Historical & Broader Context
2024 food crisis backdrop
In 2024, Nigeria faced its worst cost-of-living crisis in decades. Fuel subsidy removal, currency depreciation, and poor harvests of staples (e.g., rice, beans) drove food inflation above 40% Y-o-Y at certain points.
For context, the “Jollof Index” recorded rises to ₦25,486 per pot of jollof rice—up from ₦21,300—highlighting spikes in the price of rice, tomatoes, and onions.
Nigeria Remains Cheap by Global Standards
Despite these challenges, the average cost of a simple meal at an inexpensive restaurant in Nigeria steadied around US$2.00, placing 121st out of 165 countries (cheaper than Tanzania, behind Vietnam).
Mid-range restaurant meals: approx. US $32–35; McDonald’s combo: US $5–6.
Government’s Food Security & Cost-of-Living Interventions
Agricultural support: President Tinubu’s policies—such as improved rural security, support for intercropping, and seedling distribution (e.g., the cocoa example where “cocoa boys” drove output)—have reinvigorated farming.
Short-term gains: As bean yields doubled or tripled, pricing correction provided immediate relief in staples—households saw bucket prices fall from ₦14,000 to ₦6,000; cup prices from ₦2,500 to ₦800–₦1,000.
Long-term trajectory: If similar interventions are extended to other key staples (rice, maize, tomatoes), Nigeria could experience systematically “ridiculously cheap” food prices, with ripple effects on the cost of living, poverty reduction, and social welfare.
Analysis & Outlook
Metric 2024 Peak 2025 Post-Harvest % Change
Bean price (₦/100 kg) ₦210,000–₦320,000 ₦80,000–₦160,000 −50% to −75%
Supply shock response: The surge in bean production has overwhelmed hoarders and disrupted scarcity-driven pricing. Traders are releasing stock to align with supply.
Consumer relief: With staples at accessible prices, food budgeting shifts from crisis management to normalcy. Lower staple costs reduce stress on incomes and may drive increased dietary diversity.
Global competitiveness: Nigeria now offers lunch at well below the global average—a strategic advantage for local economies and potential in attracting agro-investment.
Nigeria: Cheapest Lunch Spot?
Based on the US$2.00 price for a basic meal, Nigeria remains one of the most affordable nations to “buy lunch”—a testament to domestic supply resilience amid inflation elsewhere. As agricultural policies take root, this position could strengthen.
Conclusion
The dramatic drop in bean prices—from ₦240,000 to ₦80,000 per bag—signals a turning point in Nigeria’s food security strategy. Effective short-term relief is now visible, with costs easing for millions. Maintaining and extending these agricultural gains into other crop sectors could translate into permanently low food prices, improved household welfare, and a stronger, more stable economy. Nigeria’s current status as one of the world’s cheapest places for an everyday meal is a cornerstone for this broader economic transformation.
Dr. G. Fraser. MFR
The National Patriots.
COMMENTS.
“From Crisis to Cultivation: Nigeria’s Food Prices Plunge as Local Production Surges”
Quote:
“Food security is not just about feeding people—it’s about liberating them.”
— Dr. G. Fraser, MFR, National Patriots
Comment:
This record harvest is proof that Nigeria can feed itself if we support our farmers and protect our land from cartels, imports dependency, and neglect. The President’s reforms are working.
“Beans Crash, Hope Rises: Tinubu’s Reforms Deliver First Fruits of Food Revolution”
Quote:
“Let food be thy medicine and medicine be thy food.”
— Hippocrates
Excerpt:
With a 100% price drop in beans, hunger is no longer just a statistic—it is being pushed back, field by field, bag by bag. Nigeria’s health, wealth, and future are now planted in its soil.
“Nigeria Proves the Power of the Soil: Agriculture Becomes the New Oil”
Quote:
“No nation that fails to grow what it eats can claim true independence.”
— Ngozi Okonjo-Iweala, WTO Director-General
Comment:
For decades, Nigeria imported what it could grow. Now, we are witnessing a national awakening—powered not by speeches, but by seeds, sweat, and soil.
“From Hunger to Harvest: Nigeria’s Beans Boom Heralds a New Economic Dawn”
Quote:
“Africa’s green revolution will happen when we value our own land as much as we value foreign loans.”
— Paul Kagame, President of Rwanda
Excerpt:
This bumper harvest is more than food—it is proof that when African governments invest in their people’s productivity, dependency fades, and dignity returns.
“Feeding the Future: Tinubu’s Food Security Plan Begins to Pay Off”
Quote:
“To lift a nation out of poverty, you begin by lowering the cost of food.”
— Amina J. Mohammed, Deputy Secretary-General, United Nations
Comment:
Beans today, rice tomorrow. With consistent investment in local food systems, Nigeria is scripting a silent revolution—one basket of hope at a time.
“Lunch for Less: How Nigeria Became the Cheapest Place to Eat Amid Global Crisis”
Quote:
“You don’t measure the wealth of a nation by its exports, but by how well it feeds its poorest citizen.”
— Dr. G. Fraser, MFR, National Patriots
Excerpt:
Even in hardship, Nigeria still ranks as the cheapest place on earth to buy lunch. That’s not just luck—it’s a sign of untapped potential waiting to be cultivated. All Nigeria needs now to consolidate this initiative and sustain the progress is the Eden Irri Systems & the Eden Agropolis Project. The tempo must be sustained.
