MARKET AND THEIR CONTRIBUTION TO EDO STATE ECONOMY

ABSTRACT

Traders in Uwelu Spare-Parts Market are top players in the Edo State private sector. Their contributions to the solidification of the Spare-Parts sector and the development of the State’s economy are enormous.1 The activities of the Traders in Uwelu Spare-Parts have further proved the invaluability of the public private partnership (PPP) for the sustainable growth and development of an economy. The study also explicates the influence of the neoclassical counterrevolution market fundamentalist theory in Nigerian economy today. The belief of the theorists that the factors of production and indeed the entire economic structure of the State should be left in the hands of private individuals has effectively dissuaded government regulations and ownership of means of production in Nigeria. Rather it has strengthened public private partnership (PPP) where the private sector is increasingly having greater take in the economic development of the polity. Some the big time dealers in Uwelu spare-parts market belief in the neoclassical theory when he clearly laid bare his belief on privatization of public corporations.