The Nigerian Market System

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Hello dear friends on #hive, it is my pleasure to come to you again this day to share my thought with you on the Nigerian Market system.}

Nigeria is a country like every other countries that is made up of several economic systems. The market system is one of them with a very broad composition.

There are different kinds of Market in Nigeria such as the rural and the urban Market. The rural market is found in the villages and there is a pattern in which they are run. The urban Markets are found in cities. they are well built and established and they also have rules for their running.

In the village setting, there is what is called Market days. The market days are days on which a specific Market operates. By implication, a particular market would not be opened for trading if it is not the day allocated to it. Often times, it is calculated to be every four days. In this case, on every four days, traders from different places come to the particular market to do trading. This does not in any way make traders to be idle on other days because there are other markets that are opened on those other days and so a trader would have to move his goods to every of those markets to do trading.

The disadvantage of this system is that it is stressful in that the trader would have to move his goods about on daily basis except on the day which he decides to rest. However, it gives room for versatility as the traders would have experience of various markets. Example of markets of this kind include Eke Ozi in Enugu State, Nigeria; Ugboha Market in Edo State, Nigeria; Orie Igboeze in Enugu State, Nigeria, etc.

_{Eke Ozi (Ozi Market) source}

On the other hand, there is the more sophisticated modern markets. These markets do not run like the rural markets which have stipulated days for their activities. They run everyday except on Sundays. We have such like the Alaba International Market in Lagos, Nigeria which is a very big market for every kind of product you need to buy. Infact it is in record as one of the biggest markets in West Africa 🙄🙄. There is also Ariaria Market in Umuahia, Aba, Nigeria. There is also Idumota Market in Lagos, Nigeria; etc. These are big markets where different kinds of goods are traded. In these modern markets, they run from Monday to Saturday and closes on Sundays. Although some persons still come out to sell on Sunday but that will be outside the market environment as the main market gates are locked on those days.

_{Alaba International Market source}

This is an overview of the Nigerian Market. People in the vicinities of the different markets I narrated already know what to do at each point in time with regards their relationship with the market world and so that they wouldn't lack when it is not a day for the market that is close to them especially in the rural areas.

I am very grateful for taking time to visit my blog. God bless you