Current Price Of Soya Beans Per KG In Nigeria

The price of soya beans in Nigeria has notably increased, with the current rate per kilogram standing at N550 in key northern states like Kano and Kaduna as of March 26, 2024.

This legume, essential for its protein richness and oil extraction capabilities, has become more costly over the years, reflecting market conditions and agricultural dynamics changes.

Soya beans are predominantly grown in the northern regions of Nigeria, with Benue, Kaduna, Kano, and Niger states leading in production.

These areas offer the warm climate and well-drained soil necessary for the crop’s successful cultivation, aligning well with Nigeria’s agricultural environment.

Market research indicates that the average national price for a 100kg bag of soya beans is currently N60,000.

Price variations are evident between wholesale and retail levels, with wholesale prices per kilogram at N600 and retail prices reaching N680.

Similarly, the cost per ton reflects this trend, with wholesale and retail prices marked at N600,000 and N680,000, respectively.

The fluctuation in soya beans prices is primarily attributed to the interplay of supply and demand within the Nigerian market.

Seasonal production changes, market speculation, and broader economic conditions influence these dynamics and contribute to the daily price volatility of this crucial agricultural commodity.

This rise in soya beans prices has significant implications for both producers and consumers, affecting food production costs, especially for products reliant on soya beans as a primary ingredient.