“When sellers realise that consumers are using timely data to patronise cheaper alternative markets, they will adjust their prices.”
LAGOS – Nigerians can now access and compare food prices across different markets through ArketData, a new digital platform designed to help consumers make informed purchasing decisions and get better value for their money.
The free platform provides verified commodity prices from major markets, allowing users to check prevailing prices in different locations before going to the market.
According to the founder of ArketData, Chike Obimma, the platform was created to address the difficulty many Nigerians face in determining the actual market prices of food items.
He said limited access to reliable price information often leaves consumers uncertain about whether they are getting fair prices, while businesses also face challenges in planning purchases and managing costs.
Obimma explained that ArketData physically audits selected markets, with price information updated every 48 hours.
He added that the data undergoes verification by analysts before being published to improve its accuracy and reliability.
The platform currently provides information from major markets, with plans to expand its coverage to between 360 and 400 markets across Nigeria.
Obimma said the wider coverage would enable consumers to identify cheaper alternative markets and could encourage greater competition among sellers.
“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.
He said ArketData’s broader objective was to promote transparency in the food market, reduce information gaps between buyers and sellers, and support fairer pricing.
The platform could also provide useful market intelligence for businesses and policymakers, helping them make better-informed economic decisions.
ArketData is available at www.arketdata.com and is free to use.
