HISTORY OF IBAKA PERIODIC MARKET IN AKOKO LOCAL GOVERNMENT 1983-2024

The history of markets is closely connected to development and therefore plays a vital role in the economic and social growth of both developed and developing countries.1 As a result, markets will continue to be a major contributor to the economies of most developing nations for many years. Additionally, markets are a key sector for development, especially in an agrarian economy.2 However, since agriculture is essential for ensuring food security, the history of any market and its contribution to the food security agenda must not be overlooked. Markets have been a significant part of any nation’s revenue since the early 80s.3 The history of markets undoubtedly holds a central place in agricultural development. Given its role in agriculture and rural economies in Nigeria, there is well-established knowledge about which farm inputs are bought and sold, and how the combination of these resources is crucial in promoting economic efficiency. The history and establishment of periodic markets have become more visible over the last few decades. In part, this is due to research and data collection efforts spanning over 50 years, which have aimed to more accurately measure the impact of periodic markets on specific regional economies. Trade and exchange have been the hallmark of every market since their inception. The type and depth of market and trade have varied widely across regions and culturally differentiated areas. Yet, there has also been a tendency over the last few decades for communities, as well as scholarship, to broaden and deepen their knowledge of the history and existence of periodic markets, necessitating their survival and response to economic opportunities in the commercial sector. It is this trend that has given rise to the need for research into the history of periodic markets in relation to a particular geographical area since the early 1980s.4