A spatio-temporal synchronization of periodic markets: evidence from the hinterland of Akwa Ibom state
AbstractThis study seeks to identify the ‘rings’ of periodic market days in Akwa Ibom State, using eighteen periodic markets as case study The entire landmass of the state was covered with a network of grids. These grids were numbered and a table of random numbers was used in selecting a target population of eighteen communities in the hinterland of the state. The base map of Akwa Ibom State at a scale of 1;750,000 was scanned [and geo-referenced using Erdas Imagine 8.5 software], exported into a GIS environment and digitized using Arcview 3.1.This facilitated the mapping of the spatial distribution of the selected markets. The ‘rings of market days’ in the study area was also displayed graphically and the
results indicate that rural markets appear to have been sequenced in such a way that spatial and temporal competition are rendered complementary. In the study area, the eight –day markets are common [56% of
selected markets];4-day(27.5%);weekly(11%])and 3-day cycle(5.5%0. Some of the traditional markets are named after the market days, for instance, Etaha Itam and Obo Annang markets in Itu and Essien Udim
LGAs respectively. The rural/traditional markets deal on low order goods and are mainly agricultural produce, hence the numerous periodic markets in rural/suburbs are bulk-building points for agricultural produce [as they supply farm produce to the urban markets]. More importantly, the rural economy is characterized by very low per capita income and weak purchasing power. Market days are usually spaced in time to allow a sufficient build up of effective demand, and sometimes also of supply.