Grain traders in Niger State are counting heavy losses after prices of beans, maize, soybeans, sorghum, and millet crashed sharply.
Many had taken loans and sold property to stock up, expecting a price hike that never came. A 100kg bag of beans, once N220,000, now sells for about N96,000. Maize is down to N48,000, while sorghum and millet go for N42,000.
Some traders, who invested millions, say they’re struggling to recover their capital. Meanwhile, consumers are relieved by the unexpected price drop, which many attribute to increased imports and a good harvest.
