Prices of beans rise in Zamfara

Gusau -  Prices of beans have increased by about 15 per cent in Gusau, Zamfara, the News Agency of Nigeria (NAN) reports.

A survey conducted  in grain markets in Gusau on Tuesday showed that a bag of beans, which was N8, 000 four weeks ago, now sells for between N9,000 and N9,500, depending on the quality of the grains.

Also a measure of beans, which was N250 last month, now costs between N260 and N270.

Mallam Muhammadu Kabiru, a beans dealer, told NAN that they expected the high prices to come down any moment from now.

‘’This is the right time for those who bought in bulk and hoard the beans to bring them out to the market and make profit, it has reached its peak price now,’’ he said.

Kabiru said that those hoarding the grains would bring them out now because the 2011 cropping season was near.

According to him, supply will be higher than demand very soon and “whenever that happens, we expect the prices to come down”.

He said that this year’s prices were even better because a bag of beans sold for between N10, 000 and N11, 000 during the peak period in 2010 .

“This because the neighbouring Niger Republic, which imports beans from Nigeria, recorded bumper harvest in 2010.

“This is in spite of the report of flooding which destroyed hectares of farmlands in that country last year.  So the prices will stabilise soon,” Kabiru said. (NAN)

http://www.vanguardngr.com/2011/05/prices-of-beans-rise-in-zamfara/