Markets – Top 10 Lagos Markets that are Exceptional
A market is a setting where two or more parties exchange products, services, and information. A market is ideally a place where two or more people can do business.
The market could either be a real place or online. It could be flawless or flawed, local or universal.
What are the various market types?
The term “available market” refers to a market that includes all local residents. There is a “market minimum” inside the available market or the size of the market that will purchase items without any marketing effort. Without taking any action, a corporation could only receive sales like this one.
This level is getting lower and lower in the modern world.
Additionally, there is the concept of “market potential,” which refers to the largest market segment that will purchase goods in response to the strongest marketing effort a business may undertake. The expenses outweigh the benefits once the market potential is exceeded. Therefore, the ceiling for a market and sales is the market potential.
The seller and buyer are the two parties involved in a transaction.
In exchange for payment, the seller provides the customer with goods and services. For the market to be competitive there must be more than one buyer and seller. A monopoly is a situation in which there is only one vendor and lots of buyers in the marketplace.
In such a scenario, the seller enjoys a monopoly, is immune to outside competition, and maintains total control over the goods and services.
The price of the good or service is set by the seller in a monopolistic market and is subject to alter at any time.
Monopsony is a market structure in which there are numerous vendors but just one buyer.
Since there is just one buyer and many sellers in this situation, the buyer has influence over the sellers.
In this situation, the buyer has an advantage over the seller.
1. Physical Markets – A physical market is a location where buyers and sellers may interact in person and exchange money for the desired goods. Physical markets include places like shopping centers, department stores, and retail stores.
2. Non-Physical Markets/Virtual Markets – In these markets, customers make online purchases of goods and services. In such a market, buyers and sellers do not physically meet or interact; rather, the transaction is completed online. Examples are eBay and Rediff Shopping.
3. Auction Market – In an auction market, the highest bidder receives the products that are being sold by the seller.
4. Market for Intermediate Items – These markets offer the goods used as raw materials in the manufacture of other goods.
5. Black Market – A black market is a place where illegal products are sold, including narcotics and weapons.
6. Knowledge Market – A knowledge market is a structure that facilitates the trade of knowledge-based goods and information.
7. Financial Market – A financial market is a market that facilitates the trading of liquid assets (money).
There are three categories of financial markets:
1. Stock Market – A stock market is a type of market where buyers and sellers trade shares.
2. Bond Market – A bond market is a location where buyers and sellers trade financial assets, typically in the form of bonds.
A bond is a written agreement between two parties in which one agrees to repay the money with interest at regular intervals.
3. Foreign Exchange Market – Participants in this kind of market engage in currency trading. A party swaps an equivalent amount of one currency for another currency in a foreign exchange market, also known as a currency market.
4. Predictive Markets – A predictive market is an arrangement where a good or service is exchanged with an eye toward the future. The buyer gains when the market is rising and loses money when the market is falling.
Industry Size
The market’s size is directly correlated with two variables: the number of vendors and buyers, and the amount of money transacted annually.
Top 10 Lagos Markets that are Exceptional
A market is essential to every culture that allows for human settlement. Lagos has many marketplaces, but just a few of them are distinctive. For wholesale products, head to Balogun Market; for electronics, head to Alaba Market; for ICT (information and communications technology) accessories, head to Computer Village; and for food, head to Mile 12 Market.
The top 10 most outstanding markets in Lagos are listed below. Have fun reading!
Every day, a large influx of people from Lagos and other parts of Nigeria enter the Balogun market. Some families’ main source of food comes from this market.
On specific market days, people who import products and resell them gather at the market as early as 5:00 AM to purchase things and resell them. Some traders arrive at the market very early, clear merchandise from wholesalers, and then sell the merchandise to generate revenue.
Nearly all of your needs can be met here. For products and services, there are separate sections. Therefore, the textile section is distinct from the supply, accessory, and bridal sections. For those who enjoy “Owambe” gatherings, this is a significant “Asoebi” market.
Balogun market visits could be tense. But the experience will undoubtedly stick with you. A lot of individuals are always moving around here. In the Balogun market, there are a lot of pickpockets as well. So, as you enjoy your shopping trip, keep your bags and purses secure.
Oshodi is a significant area in Lagos. This could be a result of the way it connects to other areas of Lagos. After the previous market in Owonifari was demolished, the new one is now located at Isopakodowo. More than 600 stores and hundreds of kee Clamps are housed in the new market. In Oshodi, there are asoebi marketers, food vendors, and fruit vendors.
The market is thought to be dominated by handbag snatchers and pickpockets. Due to the reasonable prices of the goods, many people continue to purchase in the Oshodi market.
- Alaba Market
Among all the organized electronics fairs in Africa, Alaba International Market stands out. Alaba, Ojo is a well-known electronics market in Lagos. Customers from nearby nations also frequent the market. Its status as a global market is therefore legitimate. The market is open every day, excluding Sundays and other holidays.
Absent appendages and sub-shops, Alaba Market has more than 5,000 stores. In this market, daily transactions involve more than two million people. The market may be reached from Badagry through Iyana Iba or Volks on the Badagry-Oshodi-Apapa Expressway. It can also be reached from any location in Lagos via Mile 2/Festac Town to Volks.
In Lagos, Jankara Market is a significant and well-known market. It serves as a major distribution center for locally produced commodities such as ceramics, pirated cassettes, apparel, trade beads, and tie-dyed garments. Igbo dealers are thought to dominate the market.
The market prides on offering goods and services at reasonable and competitive pricing. For a fantastic shopping experience, go to Jankara market.
- Tejuosho/Yaba Market
Tejuosho Market, which was once noisy and chaotic, has evolved into an Ultra-Modern Market. It takes great pride in its lovely and peaceful surroundings. However, the Tejuosho market and Yaba market axis will only exist as a shadow if there is no commotion.
Another exciting experience is provided by the night market. There are many folks here that appear to be moving around a lot. Sometimes, enticing clients to visit a shop can enrage onlookers. You should visit Tejuosho Market, but watch out for pickpockets!
- Oyingbo
Oyingbo market is well-liked because of how many transactions happen there every day. It has developed a name for itself as one of Nigeria’s top marketplaces to the point where a musician included it in the lyrics to one of his songs. “The Oyingbo market misses no one’s absence,” the line said. The market is frequently crowded with vendors and their customers at all times of the day. The Lagos food market is quite important.
Ikeja, Lagos is where Computer Village is situated. The largest technology market in both Nigeria and all of Africa is there. Leading phone sales stores, laptop stores, phone accessory stores, phone repairers, and sim activation stores dominate the market.
- Mile 12
The Mile 12 market is known for selling cheap, perishable food goods in large quantities to Lagos residents, and Nigerians, and for imports. The market is around 30 years old and has provided numerous advantages to people nearby and afar.
It is situated in Lagos State’s Ketu Local Government region. Fruits, tomatoes, peppers, onions, yams, yam flour, vegetable and palm oils, and several other edible food products are among the food items sold here. There are other non-edible goods for sale.
There are various hawkers outside the market. Many individuals move from one area of the market to another while they are there. When you purchase food in quantity from the Mile 12 market, you can save more money.
Aswani is one of the markets in Lagos where people may buy the most inexpensive goods, yet many people may not be familiar with it. It is close to the office of the Isolo Local Government Council. Aswani market takes pride in offering outrageous prices on reasonably worn goods. Here, clothing may be purchased for as little as 100 NGN. Additionally, there are many people that sell new clothes goods, purses, shoes, underwear, and even food products in the yard. Bring any damaged electrical tools or equipment (such as a blender or iron) to Aswani, where you can get them repaired for as little as 300–500 NGN.
Despite being open every day of the week, the market only sells shoes and bags on Mondays. Tuesdays are the busiest trading days. Almost any item needed can be easily and affordably purchased at Aswani Market. If you’ve never been to Aswani Market while you’re in Lagos, I recommend you do it, even if it’s only for sightseeing. You’ll be glad you did in the end.
The primary spare parts market in Nigeria is Ladipo Market. The market is the main meeting place for electricians, mechanics, automobile owners, and anyone looking to purchase or sell reasonably-used vehicles, parts, and phones.
The market is highly well-liked and convenient. Ibo traders who have developed into professionals predominate. Many reasonably used items are available on the market.
Computer Village
Lagos’ Ikeja neighborhood is home to Computer Village. The largest technology market in both Nigeria and all of Africa is there. Leading phone sales stores, laptop stores, phone accessory stores, phone repairers, and sim activation stores dominate the market.
The market is open every day, excluding Sundays and other holidays. The market is a perfect market since no dealer has any influence over the cost of any goods that are purchased or sold there. This is a result of dealers’ healthy rivalry with one another.
The Advantages of Regional Markets
To rejuvenate local economies, lessen social isolation, preserve biodiversity, battle climate change, and maintain rural livelihoods, local markets for food produced locally should be established as they:
1. Promote a business.
Local markets encourage farmers to take advantage of new regulatory opportunities provided by Agricultural Retail Trade (RHD) or Local, Marginal Production (MLO) to process and sell directly to consumers in order to support business-oriented initiatives among existing and potential food producers in the community, county, or regional level.
2. Create jobs in the area.
Local markets create jobs in the area and have the ability to create new jobs due to new IT, sharing economy, and decentralized technology solutions. There may be prospects for new employment in small-scale food processing, packaging, storage, and distribution, as well as in internet-based services for logistics, facility sharing, agro-advisory, accounting & finance, and legal help.
3. new business opportunities to be created.
mobilizes professionally the local population, inspiring them to engage in creative local economic and social initiatives in the fields of food production, processing, and distribution. Since these are distributed across the local market as it is being created (for example, trademarks and branding of a Buyers’ club), local government can reduce the risks and costs of establishing new businesses and strengthening or reorienting existing businesses, but producing individual benefits is more difficult (sales).
Local markets generate a market for new information, skills, and competencies by opening up new business prospects.
4. Increase the region’s appeal to tourists and investors.
Local markets help to promote a locality’s or region’s identity by giving locals a sense of community and uniting individual local projects while enhancing the region’s appeal to tourists, investors, and other people domestically and abroad.
5. Take care of the environment.
Local markets encourage farming practices that preserve biodiversity and are sustainable for the ecosystem and the landscape. By limiting unnecessary travel, negative emissions and climatic consequences are decreased, which results in energy savings.
Small-scale, organic farms are a great source of nutritious, delectable, and fresh food. Increasing quantity and availability make better eating and living possible and encouraged.
7. Help With Food Security
To ensure food security, it is essential to maintain and sustain local food production resources and capacities.
8. Fight Against Economic And Social Exclusion.
Local markets give small farmers and their families the opportunity to sell their products more profitably, increasing their income and lowering their reliance on government aid and social transfers.
Tuesdays are the busiest trading days. Almost any item needed can be easily and affordably purchased at Aswani Market. If you’ve never been to Aswani Market while you’re in Lagos, I recommend you do it, even if it’s only for sightseeing. You’ll be glad you did in the end.
Market Ladipo
The primary spare parts market in Nigeria is Ladipo Market. The market is the main meeting place for electricians, mechanics, automobile owners, and anyone looking to purchase or sell reasonably-used vehicles, parts, and phones.
