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WEEK 11
TOPIC: COMMERCIAL ACTIVITIES IN NIGERIA
CONTENT:
(i) Major commercial activities
(ii) Major commercial areas in Nigeria
(iii) Importance of commercial activities
SUB-TOPIC 1: MEANING OF TRADE
Trade can be defined as the act of buying and selling or exchange of goods and services between one country and another and within the country. Trade in Nigeria therefore involves the buying and selling or exchange of goods and services between one region of Nigeria and another or between Nigeria and other countries.
TYPES OF TRADE
There are two types of trade: internal and external / international trade.
INTERNAL TRADE: This is the trade that takes place within the boundaries of a country. In Nigeria, three types of internal trade can be recognized:
- Local Trade: Local trade takes place within the rural areas on specific market days. The items sold and bought from the market are usually agricultural products.
- Regional Trade: This trade takes place within a region. It takes place within towns as well as the larger village markets
- Inter-Regional Trade: This is the type of internal trades that takes place between region e.g. Eastern region and the Northern region. The main items of trade are agricultural products and manufactured goods.
FACTORS THAT FAVOURS OR ENCOURAGES INTERNAL TRADE
- FERTILE SOIL: Different regions of the country have different level of good fertile land which enhances the production of different crops.
- VARIATION IN CLIMATE: Differences in climate enable different regions to produce different products, hence created room for local trade.
- DIFFERENCES IN PRODUCT: Internal trade is boosted as a result of different products being produced by different regions of a country e.g., kolanut is produced in the southern part and tomato is northern part.
- AVAILABILITY OF GOOD TRANSPORT NETWORK: The different regions are linked up together by good road network and railways.
- WIDE MARKET/DEMAND: Wide market exist within the country which can consume or buy the products.
- COMMON CURRENCY: This will encourage or favour local trade if the regions of a country have the same currency. For instance, the common currency in Nigeria (Naira and Kobo) makes purchase easier.
INTERNATIONAL TRADE: International trade otherwise known as foreign or external trade can be defined as the exchange, buying and selling of goods and services between two or more countries; for instance, the trade between Nigeria and Great Britain, USA, Japan and other African exporters.
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