Title: Periodic Markets and Economic Development: Statistical Evidence from Oyo Town, Oyo State, Nigeria
Authors: Falilu Olanrewaju AGBAJE
Volume: 10
Issue: 6
Pages: 34-42
Publication Date: 2026/06/28
Abstract:
This study investigates the statistical determinants of economic development contributions of periodic markets in Oyo Town (Oyo State, Nigeria. A structured questionnaire was administered to 100 purposively selected market traders across five periodic markets, namely Saabo, Ajegunle, Irepo, Ilora, and Obada. Chi-square analysis and descriptive statistics were employed to evaluate the relationship between periodic market activities and economic outcomes, including job creation, income generation, revenue mobilisation, and the exchange of goods and services. The chi-square test revealed a statistically significant impact of periodic marketing on economic development (X² = 71.02; df = 6; p < 0.05), substantially exceeding the critical table value of 12.592. The findings further confirm that periodic markets significantly contribute to community development (X² = 22.13; df = 5; p < 0.05), encompassing infrastructure provision and spatial expansion. Disaggregated analysis indicates that 83% of respondents affirmed income and revenue-generating roles, while only 40% recognised entrepreneurial innovation functions, pointing to an underdeveloped dimension of market activity. Identified challenges including inadequate infrastructure (66%), security deficits (78%), and restricted access to credit (69%) were found to statistically constrain the developmental potential of these markets. The findings are contextualised within central place theory and rural market systems frameworks, offering evidence-based recommendations for policy intervention in Nigeria's informal market economy.