Definition and Importance of Trade

What is Trade?

Trade is the buying and selling of goods and services to satisfy human wants.

Importance of Trade:

Some of the importance of trade are discussed below;

1. Trade provides an opportunity, which enables buyers and sellers to come together, to buy and sell their products.

2. Trade provides a safe haven, for producers to sell their goods, and promote their services.   

3. Trade enables the customers to have access to goods and services needed. 

4. With trade, goods produced abroad, are brought to Nigeria for sale (Import)

5. Trade makes it possible for goods produced locally to be taken to other countries for sale (Export)

6. It promotes the economic growth and development of a nation.

7. It is a means of generating income.