HISTORY OF COMMERCE

CONTENT

1. Historical Background of Commerce
2. Factors Affecting the Growth of Commerce in West Africa
3. The Barter System

Historical Background of Commerce

In the olden days, people engaged in subsistence production. This means they were producing goods for themselves and their family. Later they started interacting with one another because it was difficult for them to meet their entire daily requirement. The system of exchanging goods for goods, called trade by barter then came into existence. This is the genesis of exchange and perhaps the beginning of commercial activities the world over. Trading activities were however limited to internal trade only.

The first form of foreign trade in Nigeria was the Trans Sahara trade in which camels were used as means of transportation. The development of caravan routes across the desert linked Nigeria with the North African Traders. The Arab merchants brought goods like salt, cowries, copper, cloth, books, etc which were exchanged for kola nuts, slaves, gold, hides, etc. Important town like Kano, Borno, Zaria, Kastina played crucial role during this period.