In an era that food security is becoming increasingly intertwined with national security, the role of data in informing agricultural practices and policies cannot be overstated.
To help the process, Agtrade. ng, an initiative under the Supply Chain Research and Innovation Hub, led by Adebayo Adeleke, stands at the forefront of this endeavor.
By providing daily price data of agricultural commodities, Agtrade.ng addresses the pressing issue of food insecurity and fortifies the national security framework.
While speaking at the unveiling of the informal agricultural ecosystem in Lagos, Adeleke, a food chain security expert, explained that the informal agricultural sector in many countries operated outside the purview of formal economic reports, leaving a significant gap in the understanding of market dynamics.
According to him, Agtrade.ng fills this gap by collecting realtime data from various locations, offering a granular view that is often missing in traditional analyses.
While breaking it down, the food chain security expert explained that this data collection is not a mere academic exercise; it has profound implications for stakeholders across the agricultural value chain, adding that “farmers, traders, and policymakers can leverage this data to make more informed decisions.”
For instance, Adeleke noted: “By understanding regional price disparities, farmers can identify more lucrative markets for their produce. Traders can optimize their supply chains, reducing costs and increasing efficiency.
“Policymakers, on the other hand, can gain insights into the factors driving market fluctuations, enabling them to craft more effective agricultural policies.”
On mitigating food insecurity via data, he pointed out that food insecurity was a pressing issue that affects millions of people worldwide. Adeleke added.
Agtrade.ng’s daily tracking of price fluctuations provides a vital tool in addressing this challenge. By identifying periods of volatility, he stressed that the platform could signal impending food shortages or surpluses, saying that this foresight was invaluable for governments and organisations looking to take preemptive actions.
“For instance, during times of anticipated food shortages, governments can release strategic food reserves to stabilise the market.
“Conversely, in times of surplus, they can implement measures to prevent waste, such as providing subsidies to encourage consumption. “Moreover, Agtrade.ng’s data can identify vulnerable regions.