ArketData Launches Platform to Provide Nigerians With Real-Time Food Price Information
A technology-driven platform, ArketData, has been launched in Nigeria to address the information gap in the food market by giving consumers, businesses and policymakers access to verified, real-time commodity prices.
The free platform allows Nigerians to check and compare food prices across different markets and states before making purchasing decisions. This could help consumers identify better prices and strengthen their bargaining power when buying food.
The Founder of ArketData, Chike Obimma, said the initiative was developed in response to the persistent uncertainty surrounding food prices in Nigeria, where consumers often have limited access to reliable price information before going to the market.
According to him, the lack of timely and accurate information makes it difficult for consumers to determine fair market prices. Businesses also face challenges in planning procurement and managing costs due to limited access to reliable market data.
Obimma explained that ArketData physically audits selected markets, with its price intelligence updated every 48 hours. He added that the data collected undergoes verification by analysts before being published on the platform to improve its reliability and usefulness to users.
The platform currently provides food price information from major markets, with plans to expand its coverage to between 360 and 400 markets across Nigeria.
“This grand expansion aims to trigger a natural reallocation of resources and market self-regulation. When sellers realise that consumers are using timely data to patronise cheaper alternative markets, they will adjust their prices, leading to structural stability and attracting much-needed agricultural investments,” he said.
Obimma said the ultimate goal of ArketData is to promote transparency in Nigeria’s food market and contribute to fairer pricing by making reliable information more accessible.
He added that improved access to market intelligence could help reduce information asymmetry between buyers and sellers while enabling consumers and businesses to make more informed economic decisions.
The platform is completely free to use and provides users with a suite of intuitive tools for accessing food price information.
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