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SS1: COMMERCE - 1ST TERM

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  1. Introduction to Commerce | Week 1
    3 Topics
    |
    1 Quiz
  2. E-Commerce | Week 2
    1 Topic
    |
    1 Quiz
  3. History of Commerce | Week 3
    3 Topics
    |
    1 Quiz
  4. Occupation I | Week 4
    1 Topic
  5. Occupation II | Week 5
    3 Topics
    |
    1 Quiz
  6. Production, Division of Labour, Specialization & Exchange I | Week 6
    3 Topics
  7. Production, Division of Labour, Specialization & Exchange II | Week 7
    2 Topics
    |
    1 Quiz
  8. Home Trade | Week 8
    6 Topics
  9. Small Scale Retailing | Week 9
    6 Topics
  10. Large Scale Retailing | Week 10
    9 Topics
    |
    1 Quiz



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Lesson 3, Topic 2
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Factors Affecting the Growth of Commerce in Nigeria

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There is a slow development of commerce in Nigeria and some other West African Countries due to a number of factors, some of them are as follows;

a. Inadequate Capital: Sufficient funds are needed to carry out Commercial activities by investors and businessmen. Insufficient funds contribute to the slow pace of growth in commerce.

b. Shortage of Infrastructure: Poor or inadequate infrastructural facilities such as poor road network, lack of power supply, insufficient water supply, etc. contribute to the backward development of commerce in Nigeria.

c. Absence of True Entrepreneurs: Many people are afraid of venturing into business in Nigeria because of the risks involved.

d. Political and Economic Instability: Unfavourable and political instability causes a lot of delay in the growth of commerce in Nigeria. Foreign investors and entrepreneurs have not gotten the enabling environment to display their potential investment skills and contribute to the growth of commerce in Nigeria. 

e. Inadequate Aids to Trade: Insufficient availability and operation of aids to trade; for example insurance, bad roads and poor networks across the country, lack of awareness (advertising) poor communication system and lack of tourism awareness, affect businesses negatively.

f. Inadequately Tertiary Production: Mainly countries in Africa are characterized by agricultural production at the primary stage which affects the growth of commerce in the regions of Africa.

g. Low per Capita Income: A large number of people in Nigeria are living below the poverty line which leads to low purchasing power that adversely affects the growth of commerce in the country.

h. High Rate of Illiteracy / Low Level of Education: The low level of education in Nigeria, the lack of adequate facilities in institutions and the incessant strikes have all contributed to the slow growth of commerce.

i. Absence of Well-developed Markets: Nigerian markets are not developed enough to accommodate commercial activities on a large scale.

Evaluation Questions:

1. What is E-Commerce.
2. State five functions/importance of E-Commerce.
3. Give a brief explanation of the origin of Commerce.
4. What are the factors that adversely affect the growth of commerce in West Africa. (NECO June 2000)
5. Suggest at least three ways by which these problems can be solved.

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