A technology-driven platform, ArketData, has been launched in Nigeria to bridge the information gap in the food market by providing consumers, businesses and policymakers with access to verified, real-time commodity prices.
The free platform is designed to enable Nigerians to check and compare food prices across different markets and states before making purchasing decisions, potentially helping consumers identify better prices and strengthen their bargaining power.
The Founder of ArketData, Chike Obimma, said the initiative was conceived in response to persistent uncertainty surrounding food prices in Nigeria, where consumers often have limited access to reliable information before visiting markets.
He noted that the lack of timely and accurate price information often make it difficult for consumers to determine fair market prices, while businesses also face challenges in planning procurement and managing costs.
Obimma explained that ArketData’s team physically audits selected markets, with price intelligence updated every 48 hours, adding that the data generated undergoes verification by analysts before being published on the platform to improve its reliability and usefulness to users.
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The platform currently provides 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 objective of ArketData is to promote transparency in Nigeria’s food market and contribute to fairer pricing by making reliable information more accessible.
He stated 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 offers a suite of intuitive tools.
