Trading in Nigeria’s Marketplace.
Nigeria’s marketplace is a business field and a great asset. It provides opportunities for a lot of Nigerian traders. The marketplace is an open ground for displaying goods and raw materials that the nation has to offer to both its citizens, live-in foreigners, and tourists. Trading simply means an act of buying and selling of goods and services in exchange of money.
Trading in Nigeria’s marketplace means different things to different people based on what point of view it is looked at by each of these individuals but a good judgment would be best given by getting its meaning from the set of individuals who are a part and who take part in the activities of the marketplace. Nigeria’s marketplace is a very enormous one and therefore cannot be discussed as a whole but in bits. To start off, a market from the ‘center of its excellence – Lagos called ‘Oja Oba’ meaning King’s market has been purposely chosen to know more about Nigerian markets. Traders in this location were interviewed and when asked for their thoughts and opinions about certain questions, they all had a common view.
Trading is a fundamental part of major sectors in the nation, which is mostly affected by the economic situation of the country. It is an aspect of business that both the illiterate and literate can venture into. Not only is trading a part of the economical sector, it also plays a vital role in the culture of the nation, in that, the marketplace provides an opportunity or open ground for traders from different parts of the country to come together and display whatever goods or products they have to sell. Some stereotyped goods in the market place are Tomato, Pepper, Vegetable, Okra, Fishes, Meat, and other local farm produce. For non-consumable goods, there are plastics and household utilities.
To those involved in ‘trading’ in Nigeria’s marketplace, it simply means to sell their goods in exchange for money, which is later used to buy more goods that they sell in the marketplace. The trading process that is commonly practiced by traders in the Nigerian marketplace is goods=revenue/profit=expenses=goods=revenue/profit, and this process is a continuous cycle.
The marketplace in Nigeria is seen by traders as an avenue for cultural diversity; a means of survival for people to get enough financial resources to cater for their family needs. Trading in the Nigerian marketplace has provided several people a space in the labor market because they no longer have to roam the streets of Lagos unemployed but instead they can now help in whatever little way they can to improve the economic situation of the nation.
In Oja Oba market, the role of both the government and the community were clearly defined by the traders. The role of the government is to provide ample security for both the goods and individuals in the marketplace, also it is the duty of the government to provide these traders with adequate infrastructure, in which the government has been able to perform or rather provide them with. While, the role of the community is to patronize them and also serve as some sort of support for the marketplace.
Nigeria is able to stand out as it not only provides everyone including foreigners with Nigerian goods or products but also encourages the promotion of cultural or ethnic unity in Nigeria to come together and work as one under one body or umbrella. Trading in Nigeria’s marketplace promotes unity amongst its people as well as to the live-in foreigners and tourists who visit the marketplace. It also helps to build a long time relationship between the consumers and sellers as it creates a form of understanding.
Trading in Nigeria’s marketplace is not just an open ground for buying and selling of goods and services, it is also a profitable venture for those involved despite the down-low or high-low of the economic situation in Nigeria.
Bibiana Ossai © 2016.
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