CONCEPT OF TRADE

2. Indigenous Trade and Market System in Nigeria

Indigenous trade refers to the traditional system of commerce among Nigerian communities before the introduction of modern trade practices. It was based on barter, credit transactions, and mutual trust. Some of the features of Indigenousi Trade in Nigeria are 

•Use of barter system before the introduction of money.

•Community-based trading where goods were exchanged within and between ethnic groups.

•Existence of periodic markets (e.g., every four days, weekly).

•Role of middlemen in trade and marketing processes and facilitation.

•Use of traditional currencies (cowries, manilas, trade beads, etc.).

 Market System in Nigeria

The indigenous market system in Nigeria was well-structured and served as a hub for economic activities. It included:

1. Village markets – Small markets serving local communities.

2. Periodic markets – Markets that operate on designated days in a week.For example markets named by days of the week.

3. Regional markets – Larger markets that serve multiple communities (e.g., Onitsha Market, Kano Market).

4. International trade routes – Some markets facilitated trans-Saharan and coastal trade.Examples of major indigenous markets in Nigeria:

• Idumota Market (Lagos)

• Onitsha Main Market (Anambra)

• Ariaria Market (Abia)

• Kurmi Market (Kano)

   • Suleja international market (Niger)

There are other smaller once around the country.Market size usually determines it’s popularity.

 Role of Indigenous Trade in Self-Reliance

a)Indigenous trade promotes local production and consumption.

b)It facilitates skill development and entrepreneurship.

c) It encourages wealth creation and distribution.

d) It Strengthens community-based economic systems