CHAPTER ONE

1.1   OBJECTIVE OF STUDY

A market is a site where sellers and buyers assemble daily or specific days to exchange goods and services. Markets are not only important as centers for the exchange of goods, ideas and fashions but also perform significant social and political functions in the community. Moreover, exchange and subsistence activities were and still are integrated into market systems.

It is important to identify the factors which enable markets to expand. These are namely.

1. The volume and value of goods and services transacted (food products, sundry provisions and herbal products) determine the size of the market in quantitative terms.
2. Geographical location of the market which allow access from various directions.
3. The number and social status of the groups engaged in exchange, which influence the composition of the goods and services traded1.

All these factors are present on Osele market which is the subject of this essay. The concept of market is appropriate to early as well as to move recent times. That market can contract and that future trends are more a matter of speculation than of accurate prediction.2

During the pre-colonial period, market used to be located at the centre of the town whereby, people from different parts of the community came to buy and sell varieties of goods (as it is today). In the course of the marketing activities among the people some events which warrant historical investigation take place.

Undoubtedly, Osele market is not only one of the most famous markets in Akoko but one of the most well, attended market in Yoruba land. This is for the choice of Osele market for this study. This study therefore aims at examining the factors of growth of this famous Akoko market with a view to bringing out the elements and substance of its growth and importance.

The extent to which Osele market attracted traders not only from Akoko land but also from other places to bring out how it had contributed to the inter-group relations among the people in the pre-colonial period. Furthermore it must be stressed that there is no gain saying in the assertion that Osele market attracted traders from Akoko and yorubaland.3

1.2   SCOPE OF WORK

The study that make up this work is the topic of the work. The topics of the work has been chosen carefully to describe and analyze the development of the markets from the simplest periodic markets though the retail and large specialized markets in Ikare. It also deals directly with the development expansion and stability of Osele market which is the case study of  work.

The first – part of the work deals with the general information of the study of the work. The second parts deals with the origins and development of Osele market.

The chapter also deals with the goods and services in Osele market. The third chapter dates 1900 – 1960 it starts by showing the significance of the colonial rule on the development of Osele market. It then goes on to examine the expansion and control of Osele market. This chapter also deals with the impact of the market guild on Osele. They are the social and political elements behind the market functions and developments .The Forth part of the study dates 1960 to present here the significance of the Akoko North East Local Government is examined. This part also shows the importance of Osele market in relations to the other Ikare markets and Ikare economy. The work concludes with the importance of market in the growth of the Ikare economy.

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