Nigeria - Business creation project

Describe your project or startup in a few words

The Price Marketplace will reduce the provoking price variations across food markets in Nigeria. Merchants will log-in and update price of their food items daily. Consumers will log-in and see updated food prices. Government will have food price data.

01.01 Describe your project in more detail

The Price Marketplace will be a platform where consumers and merchants can upload the prices at which they purchase and sell specific foodstuffs in their area or region. The main idea is to reduce price discrepancies that is widely affecting Nigeria’s foodstuff market. Also, stores/markets with lower foodstuffs prices will be identifiable, saving consumers’ money. The marketplace will utilize price and location data inputted by users (merchant/consumer) to deliver suggestions on “best time to shop specific foodstuffs”, “shortest routes to the cheapest markets”, and so on. This will help reduce carbon emission/energy consumption since users will only go shopping when their desired foodstuffs are available at a market, and when the price is affordable by them. In addition, they’ll be able to see the shortest routes available, cutting down transportation time. Governments at different levels can also use the platform to gain understanding of foodstuff availability and prices.

01.02 What is the main problem you are trying to solve?

1. Foodstuff price discrepancies/variations. 2. Carbon emission and energy consumption that results from consumers checking out different markets just to get an affordable price or to locate specific food item. 3. Government‘s poor contribution and almost inaction on foodstuff price regulation.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

1. Nigerians will no longer get cheated when buying foodstuffs (due to outrageous price discrepancies). 2. Governments can have data on foodstuff prices and do a better job on regulation. 3. People, especially newcomers to a town, will be aware of directions to the most affordable stores or markets. 4. People’s contributions to carbon emission will be reduced since the Price Marketplace app will provide map or descriptive directions to the markets or stores of their choice. Generally, wandering around town in search for affordable and available food items will be cut short. Transportation time will be reduced and people can save money. Secondly, energy consumption will be lowered since merchants will have buyers quickly patronize them and they’ll be no need to store perishables for a long time.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

The general Nigerian public who are suffering huge price inflation and unfair price discrepancies especially for food items like yam, rice, and palm oil.

01.05 When did you start working on your project?

2024-03-10

01.06 How many other partners are associated with your business venture?

3

01.07 Among the other partners, how many are female?

2

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Oluwadamilare (male) - Frontend and UI/UX Developer Oluwapelumi Blessing (female) - Research and Consultation Utibeabasi Emmanuel Uyah (female) - Marketer and Program

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

https://www.facebook.com/the.price.marketplace?mibextid=kFxxJD

01.10 Which industry best describes your project?

h) IT (digital services, equipment and software)

02.01.01 My project contributes to the No poverty goal

6

02.01.02 No poverty - Justification

Nigerians currently spend a lot of money commuting between markets to find the right prices. Sometimes, even their favorite markets/stores are out of stock and they end up spending money to transport themselves there and back without making a purchase. With the Price Marketplace app set up, you can get notifications when a store is fully stocked - eliminating the need to go from place to place, and you will get the shortest routes to a market of choice - eliminating unnecessary expense on transportation.

02.02.01 My project contributes to the Zero hunger goal

6

02.02.02 Zero hunger - Justification

Hunger is not always the result of poor food supply or food unavailability. Sometimes, it could be due to financial incapability of consumers in a region where food is available. So, by creating a Price Marketplace, we intend to normalize prices across markets - ensuring that food merchants are not setting unreasonable and unaffordable prices. This should reduce hunger as consumers can comfortably buy and eat, and dishonest merchants are removed to allow honest merchants feel safe and earn equally.

02.03.01 My project contributes to the Good health and well-being goal

1 - Strongly Disagree

02.03.02 Good health and well-being - Justification

02.04.01 My project contributes to the Quality education goal

2

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

2

02.05.02 Gender equality - Justification

02.06.01 My project contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

2

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

2

02.08.02 Decent work and economic growth - Justification

02.09.01 My project contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification

Price apps that allow user and merchant input are a relatively new innovation in the Food Industry. In Nigeria, this project will be coming at a time when inflation and food price manipulation by merchants is at an alarming high. It will serve to battle price discrepancies and increase transparency in the food market.

02.10.01 My project contributes to the Reduced inequalities goal

1 - Strongly Disagree

02.10.02 Reduced inequalities - Justification

02.11.01 My project contributes to the Sustainable cities and communities goal

6

02.11.02 Sustainable cities and communities - Justification

By minimizing transportation to markets and supporting the use of shorter routes, the Price Marketplace app will significantly reduce carbon emission by consumers across Nigeria. This supports the SDG goal of sustainable cities and communities as it will reduce contributions to climate change and the negative effects that come with it.

02.12.01 My project contributes to the Responsible consumption and production goal

6

02.12.02 Responsible consumption and production - Justification

The Price Marketplace envisages a platform where merchants can indicate the availability of a food item or new stocks (along with their prices) and users can see this either as a post or as a notification. This alert and information system will help promote quick patronage, reducing food spoilage at merchant shops. Generally, the government may look at the most available food items and redirect their efforts to production of less available food items.

02.13.01 My project contributes to the Climate action goal

6

02.13.02 Climate action - Justification

Carbon emission will be significantly reduced if users go to the market less frequently or use shorter, less congested routes. This is part of the goal with the Price Marketplace app.

02.14.01 My project contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

2

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

5

02.16.02 Peace justice and strong institutions - Justification

Before now, Nigerian consumers did not have a way to make input on the price of food items. However, the Price Marketplace app will put this in action and hopefully foster government participation and regulation. This should reduce consumer grievance, encouraging peace and justice and a strong institution for players in the food market.

02.17.01 My project contributes to the Partnerships for the goal

2

02.17.02 Partnerships for the goal - Justification

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

1 - Strongly Disagree

05.02 The product/service we envision creating represents an entirely new type of product/service.

6

05.03 The product/service we envision creating could be described as a new technology.

4

05.04 The product/service we envision creating is an improvement on an existing product or service.

1 - Strongly Disagree

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

1 - Strongly Disagree

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

1 - Strongly Disagree

05.08 Justification

05.09 Who are your main potential competitors and what makes you stand out from them?

At the moment, there is no other product/project we know of in Nigeria that is close enough in design or purpose to serve as a competitor.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

I once led a coaching group from where two female participants grew their SEO content writing skills and gained freelance employment on Upwork which has earned them several thousands of dollars.