Characteristics of Periodic Markets in Akungba Akoko, Ondo State, Nigeria
One main characteristic of man is the ability to interact socially and economically. A way of achieving this in most parts of the world is the establishment of diverse trade units, one of which is periodic marketing. This study examined the uniqueness of periodic marketing system among the Yoruba race of the Southwest Nigeria as recorded in literature, and consequently attempted an assessment of the characteristics of selected periodic markets in a semi rural society in Ondo State, southwest Nigeria. Data were collected with the use of questionnaire and planned group discussions. 120 questionnaires were administered to randomly selected buyers and sellers on market days. Responses were obtained on perceived problems facing the use of the markets, available infrastructure and approaches to solving the perceived problems. The study showed that individual choice of market to patronize was dictated by the distance the individual needs to travel. It also showed that most people prefer to buy or sell in the market that is nearest to them for fresh 'perishable' commodities, including food stuff, while many wholesalers and 'whole buyers 'are ready to travel a longer distance for standardized 'quality' products. The study also showed that the markets lack basic infrastructure. The study therefore concluded that the nature of commodities offer in a neighbourhood market, as well as the economic status of the people within its sphere of influence affect the turn outs in a periodic market.