Explain the importance of commerce to the Nigeria Economy. – NABTEB QUESTION

The importance of Commerce to the Nigeria Economy.

(i) Commerce facilitates the exchange of goods and services through trading.

(ii) It makes storage possible through the ware housing facilities.

(iii) Commerce provides employment opportunities for a lot of people.

(iv) It increases the standard of living of the people through provision of variety of goods.

(v) Commerce helps to finance businesses by giving out loans through banks to businessmen.

(vi) it is an aid to movement of goods from area of abundance to the area of scarcity through transportation.

(vii) Commerce provides a cover against business risks through various types of insurance.

(viii) Commerce enhances cooperation both internally and externally.

(ix) It helps to develop the infrastructural facilities of the nation.

(x) It generates revenue for the nation by way of import and excise duties, rates on market stalls, licences and other forms of taxes.

(x) It promotes the rapid transfer of both oral and written information through the use of courier services, telephone, telex messages, etc.