What is the importance of commerce in nigerian economy?


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Shane Richardson Profile
Commerce is important for any economy, however it can be even more crucial for a developing country such a Nigeria. Some of the reasons why commerce is important to the Nigerian economy are as follows;

  • Commerce is key to trade and the money generated boosts the economy

  • Commerce can bring in outside trade which can open the doors to the lucrative export market

  • Commerce creates jobs, from the suppliers to the staff working in the shops

Trading is vital for any economy to survive as goods need to be sold for profit which will benefit the country's economy as a whole. The new money generated can then be used to reinvest in stock and so the cycle will continue with more money being pumped into the Nigerian economy.

When a country like Nigeria is seen to be very active, traders from other countries may want to do business. Due to Nigeria being a developing country, their prices may not be as high for stock and production, so more developed countries may see the benefits of doing a lot of trade with them.

Trading between different countries can build solid national relationships that can be very beneficial further down the line for Nigeria's government and overall economy. Also commerce creates a lot of jobs for the people who supply the stock, to the factory workers and to the people who sell it in stores and markets.

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