CONTRIBUTIONS OF MARKETS IN ONITSHA METROPPLIS TO THE ECONOMIC DEVELOPMENT OF ANAMBRA STATE, 1975-2023

Abstract

Market is the environment in which the forces of supply and demand operate; it is also seen as a place where two or more parties can gather to facilitate the exchange of goods and services. Onitsha, like some other parts of Nigeria, is known for her trading activities: both locally and internationally even before the emergence of colonial rule1. This is a clear pointer that markets and trading activities have thrived in Onitsha even from the dim past. This paper examined the contributions of Onitsha markets to the economic development of Anambra state, and bring to the fore, the extent markets is being instrumental to the revenue generation and development of other economic sectors within the state. The methodology of this paper is based on quantitative, descriptive analysis of available data, using primary and secondary sources. The findings of the paper indicate among other things, that Onitsha markets have being a major source of revenue generation for the state; enhanced the growth of the transport sector; facilitated the growth of the banking sector; enhanced the growth of tourism and; the growth of small and medium-scaled industry. Based on the aforementioned findings, the paper concludes that the presence of markets in Onitsha have been pivotal to the economic growth and development of Anambra state.