Rural Development in Nigeria: The Role of Periodic Markets

Abstract

The central thrust of the paper is to show how periodic markets as traditional institutions have contributed to the development of rural Nigeria. The paper maintains that as meeting places of consumers, producers, sellers and buyers, periodic markets have bridged the gap of socio-economic isolation associated with rural areas as well as integrate peasant traditional societies into national socio-economic system. In many rural communities, periodic markets have facilitated the construction of roads, boreholes, etc. The paper laments that in Nigeria, the importance of periodic markets to national development is grossly underestimated. The paper therefore recommends that rural sellers and consumers should be encouraged to build market centres, roads should be constructed to open up remote areas to enhance accessibility and distribution of goods and services and local communities should contribute to the growth of rural markets by providing social amenities.