Introduction It has been seen by some Eurocentric writers that pre-colonial West African financial system was stagnant, subsistence and that it lacked actual market standing earlier than British colonization. This argument stems from some anthropological perceptions (substantivist stand level) that the primary sector of this financial system was principally subsistence agriculture, which had been made stagnant because of software of straightforward know-how with out organized specialization. Manufacturing goal is claimed to make sure human existence with little or no change because of restricted output1. To this view, easy and non-industrial area, reminiscent of pre-colonial West African societies lacked sure essential prerequisite for market financial system and as such financial phrases and theories shouldn't be utilized to elucidate their financial structure2. The research subsequently intends to unravel the pre-colonial Nigerian indigenous financial system each in scope and construction and makes an attempt to determine that it was dynamic and that it possessed actual market standing of excessive commonplace, given its traits. The research is split into three main segments – basic options of an financial system, construction of pre-colonial Nigerian financial system and justification of pre-colonial Nigerian financial system as a dynamic and market oriented financial system. A market financial system is the one by which decision-making is decentralized, that's market points are primarily decided by market forces; that's, demand and provide. That is in contrast to command financial system during which choice making is decentralized and managed by an authority three. In each financial system, there are three primary financial features, regardless of the character, sort and degree of the federal government or economy4. These are, what and the way a lot to be produced, how will it's produced, and for whom will it's produced. These implies that each financial system takes care of manufacturing, distribution and consumption of products and providers. Each financial system system is tied to a political system by means of which individuals determine what their society wishes. An important position of any financial system is co-ordination. It should see that people' selections about what they do are co-ordinated with the society's needs and with what different people do. This co-ordination additionally consists of, ethical, social and political values, an financial integration which ensures that what a person needs won't exceed what can be found within the society5. This partly explains why there isn't a financial system that may simply function efficiently outdoors the socio-cultural context of its indigenous setting. Given this background, it will be gainful to look at the construction and scope of pre-colonial Nigerian financial system. The primary spring and life-wire of any society are principally known as its financial and human potentials. Nigeria doesn't take exception to this common rule. The kingdoms, states and empires that existed in pre-colonial Nigeria have been nice and affluent not solely due to their sound socio-political establishments, but in addition because of the pure assets resembling bountiful agriculture, commerce and crafts. An in depth statement of the Nigerian terrain and local weather reveals the range of its pure potentials which gave rise to financial viability and quite a lot of occupations. The construction of pre-colonial Nigerian financial system rested principally and extensively on the character of vegetation, family labour and the primary elements being agricultural actions, crafts, commerce, and its transportation system. Agriculture Agriculture is a primordial financial exercise in Nigeria which shaped the technique of livelihood of the peoples and a robust issue for the rise of states and empires simply because the case in all places on the earth. From the phrases of Evans – Pritchards "the primary evolution that reworked human financial system gave man management over his personal meals provide, man started to plant, domesticate and enhance by choice of edible grasses, roots, and timber"6. This financial development has been described as "neolitic revolution". Like in trendy time, in pre-colonial Nigeria , a serious figuring out issue for the selection of settlement was availability of beneficial local weather, freed from epidemics, fertile land appropriate for cultivation and grazing, congenial littoral setting for fishing and safety akin to absence of conflict and different pure and supernatural disasters. When these elements have been missing, individuals resorted to migration in the hunt for comfortably liveable areas. Contemplating these phenomena, the explanations for shifting cultivation in planting in agriculture, normadism in grazing and itinerancy in fishing might be understood. In different phrases, ecological elements play decisive roles in human settlement7. The type of agriculture practised and the crops planted have been decided by the character of soil and the terrain of the area. Shifting cultivation and crop rotation characterised agricultural practices in pre-colonial Nigeria , owing primarily to land tenure follow and lack of know-how of extremely mechanized farming. There have been pure issues akin to erosion, drought, pests and illnesses. These issues have been tackled regionally, relying on particular person communities. For example, traps have been set to catch birds and damaging animals within the farms and gutters have been additionally dug to empty away water in an effort to verify flood. Wetting of farms throughout drought had been an historic agricultural apply amongst Nigerians. All these practices weren't essentially influenced by conservation as seen by some western observers however the simplest and proper upkeep of soil fertility and evaluation of the prevailing financial state of affairs of the period8 In pre-colonial Nigeria , farmers trusted implements comparable to digging stick, hoe, cutlass and sickles. The widespread crops produced based mostly on territorial specialization included, yam, okra, greens, maize, cocoyam, cassava, plantains, bananas, kolanuts and oil palm9. The unbiased progress and antiquity of agriculture in Africa and Nigeria particularly has been strongly proved by some African financial historians. Amongst them was Murdock, an ethnographer who argued that agriculture started within the higher Niger space among the many Mende-speaking peoples in about 5000BC10 basing his analysis on yam cultivation on this area. Whereas one can't doubt the good antiquity of agriculture in Nigeria , we should, on the identical observe not rule out the potential of cultivation of yams or different crops sooner than or across the interval, (5000BC), in different elements of Nigeria . It's fascinating to notice that the diffusionist principle and hamitic speculation which have a tendency to carry that each one developments in Africa are imported have been proved flawed by the character of agricultural improvement within the sub-regions11. Whereas it's plain that some crops have been launched from different areas to Nigeria , it's evident that agriculture in Nigeria developed naturally and independently with out overseas mechanism12. No matter that was later launched to it was supplementary to the prevailing system. FISHING, HUNTING AND PASTORALISM Fishing Fishing is an historic financial exercise in Nigeria . Its actions cowl each the coastal and inland waterways and it was of large financial worth to the pre-colonial Nigerians13. Fish was one of many main articles amongst Nigerian commodities of commerce. Fish of varied sorts have been both dried within the solar or smoked to be able to protect them for lengthy or brief distance market14. Recent fish have been stated to be marketed principally briefly distance areas owing to the perishable nature and drawback of storage facility. Skilled fishing is characterised by craftsmanship and particular expertise, similar to boat, canoe, paddle, float, buoy and internet development coupled with invention of quite a lot of indigenous fishing methods and kit. Fishing in pre-colonial Nigeria until date engenders migration as lots of its practitioners must depart their unique settlements for higher prospects elsewhere15. Fishing of the migratory sort was very outstanding among the many Ilaje, Izon, Itsekiri, Efik, Jukun, Ijebu, Awori and so forth. From the pre-colonial interval thus far, the Ilaje are stated to have been probably the most migratory, well-known and professional each in inland and deep sea- fishing not solely in Nigeria however in West and Central Africa16 . Across the early 16th century, fishing is claimed to be practised with rudimentary methods and instruments resembling raffia supplies, wooden, and grasses advert with very restricted scope17. By the late 18th century to early 19th century, most Nigerian fishermen had began creating improved fishing gear and methods resembling clapnets, castnets, ita, egho, asuren, ojijon, agada, ighee, iyanma, ekobi ufo, riro, 18 and so forth. Nigerian fishing financial system was on this progressive stage of improvement on the eve of British colonization. Searching Searching could possibly be considered one of many earliest financial actions in pre-colonial Nigeria . It was very vital as a result of, many individuals trusted it for financial survival at a stage of financial improvement. Nevertheless, as time went on, searching turned a related complement to agriculture19. Searching in Nigeria throughout this era was of varied ranges. At decrease degree, searching included setting of snares for birds, younger animals, reminiscent of squirrels, monkeys, grass cutters, alligators, and so on. One other degree was looking for bigger animals akin to crocodile, elephant, wild pig, antelope, and so on. It was and maybe, nonetheless, a perception in most native communities in Nigeria that searching, particularly at greater degree, aside from particular expertise includes using charms and possession of supernatural powers20. Searching was a dependable supply of meat and animals pores and skin for material, shoe and drum making. Along with its financial worth, it was a way by which foot paths and settlements have been created earlier than the arrival of the European mode of street development and city settlement. Consequently, these paths and hamlets later developed into roads, cities and villages. Hunters served as safety brokers by defending individuals from assault of enemies or wild animals. Hunters additionally provided animals and their particular elements which have medicinal worth amongst indigenous drugs practitioners21. Supplementary to searching was fruit gathering. Assortment of number of fruits from the forest was an financial enterprise by some individuals, particularly ladies within the pre-colonial Nigerian societies. Fruits and spices are necessary for meals and natural drugs therefore, their demand was and continues to be excessive until date in Nigerian native market locations22. Pastoralism This was one other financial follow in pre-colonial Nigeria . That is the rearing of animals, particularly cattle, goats and sheep in business amount by shifting from one fertile land to a different. Because of infestation of the forest area by tsetse fly and shortage of open land within the south, couple with the marshy nature of the plains, presence of rivers and creeks within the coastal area and the presence of open land within the north, pastoralism was principally practised by the Fulani within the savanna area of northern Nigeria22. Each pastoralism and searching are associated to crop farming since all of them instantly and not directly cope with animals. Although, combined farming was not widespread, some type of symbiosis existed between the crop farmers and the postoralists. As an example, the droppings of the cattle shaped manure to the soil which in flip supported the expansion of crops whereas the postoralists trusted meals crops of the farmers. Furthermore, the manufacturing of cattle was a supply of beef for the forest dwellers, the leather-based staff demanded the pores and skin for manufacturing of footwear, luggage, defend for struggle, quivers for arrow, harness for horses23 and so forth. Kano in northern Nigeria was well-known for such expertise. Pastoral actions have been of immense financial worth in pre-colonial Nigeria . Crafts A dialogue of the event of crafts amongst pre-colonial Nigerians requires an outline of their arts and industries at numerous ranges. The main arts and craft works through which Nigerians have been well-known included; salt extraction, cleaning soap manufacturing, metallic work, woodwork and weaving actions. This monumental improvement reminds us of the extent to which indigenous know-how had progressed in Nigeria in pre-colonial interval. It's evident that iron know-how had developed significantly in pre-colonial Nigeria and this revolutionalized crafts and manufactures in Nigeria and certainly Africa24 . Salt manufacturing was one of many mineral extractions, which was not out there in most areas, however an essential regionally wanted product and an import commodity of overseas retailers25. In pre-colonial Nigeria , manufacturing of salt at giant amount was naturally restricted to the coastal areas owing to the supply of uncooked materials similar to salt water. The tactic of manufacturing was by evaporation of seawater both by boiling or sunning. Among the many coastal settlers in Nigeria, particularly the Ilaje, Itsekiri and Ijaw, the method was by amassing seawater in a big clay pot, cooked it until it was dry, leaving white and strong substance on the backside. This may be scooped, utilizing a small basket to filter the filth26. What remained was salt which might be to a big extent freed from impurities. This industrial exercise enhanced the expansion of commerce between the coastal and inland dwellers in pre-colonial Nigeria . Within the inland area too, salt is claimed to be produced in maybe comparatively small amount particularly among the many Jukun of the Benue area and the Igbo of the japanese Nigeria27. Intently associated to this pre-colonial financial enterprise was cleaning soap manufacturing. This was predominantly carried out by the Nigerian forest area settlers. The key uncooked supplies for cleaning soap manufacturing have been palm oil and ashes. These can be boiled collectively and molded28. In pre-colonial Nigeria as an example, numerous sorts of cleaning soap have been produced. Along with home and business functions, cleaning soap additionally had medicinal worth29. The Ose dudu (black cleaning soap) among the many Yoruba as an example, continues to be used updated for these functions. Two essential features of pre-colonial Nigeria crafts which deserve consideration on this research are metallic and woodwork. A cautious research of the Nigerian historical past would reveal that, of all crafts, iron working was most vital to the general financial and political improvement in pre-colonial interval. The iron age was the interval by which Nigerians began to actively dominate and management their environments. The invention of iron gave rise to the manufacturing of iron instruments reminiscent of hoes, knives, cutlasses, spears, axes and these influenced greater productiveness in crafts, farming, fishing and searching30. Aside from the financial revolution caused by iron smelting, it additionally outfitted most leaders with larger and stronger political energy. For example, the possession of iron weapons influenced army progress and subjugation of weaker communities by stronger ones31. The introduction of iron to Nigeria gave rise to black smithing everywhere in the area. The earliest proof of iron smelting in West Africa was Nok, a village in central Nigeria , northeast of the Niger confluence and the Benue Rivers and southwest of Jos Pleateau32. The Yoruba , Igbo (particularly Awka individuals) and Uneme (in Benin ) have been well-known in iron smelting know-how in pre-colonial period. The Uneme, for example, are stated to have developed black smithing earlier than C1370 and iron is claimed to have performed necessary business position because it was used as a medium of change (native foreign money)33. An essential mineral manufacturing in pre-colonial Nigeria was gold. Gold was mined, consumed regionally and exported. It has extra financial worth than different merchandise, because it was primarily an article of overseas change incomes34. Within the pre-colonial interval, Benin and Ile-Ife have been well-known for bronze casting and respected facilities of tin manufacturing existed in Jos Plateau and that of zinc within the decrease Niger and Benue Rivers35. It's nevertheless necessary to notice that manufacturing was hampered by excessive degree of wooden artistry of symbolic cultural worth. Ife and Benin had been considered probably the most well-known amongst west African states in using brass and bronze. In talent, high quality and wonder, the vintage bronzes of Benin is claimed to have equalled these produced in any a part of the world43. It was as soon as claimed by some Nigerian writers that each the Nigerian artwork of bronze casting and its use to painting pure figures of people and animals was imported by Europeans, both by legitimacy or by way of smuggling. If this was actual, it will point out that Nigerian artwork had already reached an admirable and enviable standing of world normal earlier than the arrival of the imported artwork. The very important view to be accepted right here is that, though European imports of brass and bronze supplemented Nigerian inventive output, a lot Nigerian works in these alloys predated the arrival of the Portuguese within the 15th century44. Research have proven that naturalistic figures had been discovered within the Chad area within the So burial websites earlier than the 15th century. Additionally, early peoples not recognized to have labored in bronze and brass had produced comparable figures in different media. The traditional Nok individuals as an example, produced replicas of human heads and animals of excessive inventive benefit and worth in addition to stylized motifs in wooden, clay, gold, and ivory45. Commerce and transport system have been equally germane to the expansion and improvement of pre-colonial Nigerian financial system. The Nigerian peoples had organized each regional and inter-regional commerce based mostly on regional specialization of manufacturing which means the apply of the precept of comparative value benefit. They developed native transportation system of using land (head portage) and water methods (canoes) and a few types of media of change, reminiscent of barter, Manilla, brass, iron, copper and cowry shells46. The varied states, empires or kingdoms in pre-colonial Nigeria developed to prominence because of organized commerce and comparatively good technique of transportation. Group of market throughout this era was largely influenced by the bountiful agricultural and non-agricultural manufacturing of the peoples. Because of number of provide of commodities to market locations, there was departmentalization of products, orderliness and periodic market system in Nigerian states corresponding to pre-colonial Yoruba society47. Nevertheless, poor transportation system hindered mobility, manufacturing and distribution of products and providers to some extent. It could possibly be argued that since manufacturing was past household consumption and there was change of inter-regional degree based mostly on territorial specialization, the pre-colonial Nigerian financial system was subsequently past subsistence degree. It has equally been argued that the group of the trans-Saharan and trans-Atlantic commerce through which Nigeria was an lively participant was worldwide in outlook48. It has been opined by some western economists that elements of manufacturing weren't well-co-ordinated and that there was no division of labour or specialization in pre-colonial Nigerian financial system. This seems spurious and deceptive. Within the African conventional society, men and women are intrinsically assigned to totally different particular socio-economic duties by which every intercourse would excel (sexual division of labour). Specialization was admittedly relevant to many elements of Nigerian financial actions. For example, the coastal dwellers who specialised in fishing took internet mending as an space of specialization, whereas some individuals specialised in deep sea fishing (Oko-Ota or Ade-Odo), others have been skillful in inland or recent water fishing (eremi). In each areas of fishing actions, there have been nonetheless many departments of particular expertise49. There's a saying among the many Yoruba fishing individuals of the Niger Delta, "Oghomayi emayi" (specialization and talent range from one individual to a different). This exhibits the extent to which specialization and talent acquisition was acknowledged in some pre-colonial Nigerian societies. Labour was very essential within the manufacturing course of and free labour was extra economical therefore, pre-colonial Nigerians recruited labour via their wives, youngsters, slaves and kinfolk. In some instances, provide of labour was via communal help. One tenable purpose for marriage of many wives amongst Nigerian males was to safe sufficient, low cost and regular provide of labour. Adam Smith, in his Wealth of Nations affirms "a quite a few household of youngsters, as an alternative of being a burden was a supply of opulence and prosperity to the mother and father"50. This strongly reinforces the financial philosophy of African apply of polygany. Land tenure system was practised to go well with socio-economic necessities of the interval. Admittedly, land was plentiful in relation to the Nigerian inhabitants51. Capital was raised by way of private financial savings, borrowing from associates, family members, co-operatives (egbe or esusu) or from household or group coffer. An important issue within the construction of pre-colonial Nigerian financial system was entrepreneurship. This is a vital issue of manufacturing in any financial system at any time. It will be gainful to look into what an entrepreneur is with a view to confirm if pre-colonial Nigerians truly merited the standard. Some consider entrepreneurship primarily as innovators, others consider them mainly as managers of enterprises, others once more place main emphasis on their perform as mobilizers and allocators of capital52. Hosetitz additional argued that an entrepreneur is a enterprise chief, who guides the motion of a personal productive enterprise and who makes the essential selections on using productive elements on their remuneration on the character and elegance of commodities or providers to be produced, and on the timing and different features of the manufacturing and advertising course of53. Within the pre-colonial Nigeria , as in different elements of the world, different elements of manufacturing corresponding to capital, land and labour have been successfully organized and utilized for manufacturing. It subsequently follows that each one elements of manufacturing which existed wouldn't be helpful with out entrepreneurs. The pre-colonial Nigerian entrepreneurs have been rulers, chiefs, potentates, conflict chiefs, and different influential women and men who had sufficient wealth and energy to mobilize different elements of manufacturing54. For example, the Kano potentates organized the manufacturing of leather-based works, the Ijebu chiefs organized manufacturing of textiles, the Ilaje chiefs organized fish manufacturing, Ikale chiefs additionally organized manufacturing of farm crops. Madam Tinubu of Egbaland and Efunsetan of Ibadan additionally have been among the many notable ladies that organized slaves of their farms55. Distributions of products have been additionally made by Nigerian entrepreneurs by organizing lengthy and brief distance market bilaterally and multi-laterally inside and out of doors their areas. Whereas it may be argued that a lot of the financial establishments and rules discovered within the industrial societies have their equivalence in non-industrial or easy societies akin to pre-colonial Nigeria , it's nonetheless important to notice that, the elements of manufacturing and different parts within the construction of pre-colonial Nigerian financial system similar to agriculture and crafts had their peculiarities. Subsequently, with a view to make the work of financial historian and economist extra significant to their viewers, cautious choice and software of related financial phrases and rules are crucial. Conclusion Given the overall options and myriads of sub-sectoral elements of pre-colonial Nigerian financial system, it's convincing that the financial system was progressive in progress and aware of innovation earlier than colonization by Britain within the late 19th century. The research has proven that, pre-colonial Nigerian financial system was a standard African financial system by which manufacturing depended largely on households, communal efforts and professional teams or guilds. It must be famous that this conventional financial system, which might be known as "communalism" was intrinsically practised equally in several autonomous areas of the geographical expression later often known as Nigeria . As a scientific evaluation which pertains to value-free nature of enquiry, the positivist stand-point reinforces the declare that, pre-colonial Nigerian financial system was dynamic and market-oriented. It's the place of this financial philosophy that, the elemental financial drawback in any society, regardless of place and level in historical past, is to offer a algorithm for channeling competitors and resolving battle amongst people who can't fulfill all their needs given the constraints of shortage. It has been argued by Roger Leroy as an example, that the purpose of manufacturing all through ages on the earth stays the identical and that human behaviours in the direction of financial points are universally comparable56. All these elementary financial guidelines are stated to be embedded in a framework of formal societal establishments comparable to legal guidelines and customs. The precise perform of each financial system in any society can be, to care for manufacturing, distribution and consumption of products and providers as a way to create utility57. Pre-colonial Nigerian financial system wouldn't subsequently, be an exception to those common guidelines and rules. This research has within the mild of those options demonstrated that pre-colonial Nigerian financial system was dynamic, progressive and market-oriented. NOTES AND REFERENCES 1. An in depth dialogue and critique of the substantivist and formalist views might be present in zeleza J. A, Trendy Financial Historical past of Africa Vol. 1 ( Senegal : CODESTRIA) 1993 Pp 15 –16. 2. See A. G Hopkins , An Financial Historical past of West Africa: London : Longman, 5 –9. three. Roger Leroy Miller, Economics Right now, New York : Harper Collins School Publishers, 1996, 122. Four. Roger Leroy, Economics At present, P. 122. 5. David C. Colander, Economics: Irwin Burr Ridge Sillinois Boston , Massachusetts Sydney , Australia 1994, 60 – 62. 6. G. T Stride, C. Ifeka, Peoples and Empires of West Africa, ( Hong Kong : Thomas Nelson, 1971, 158. 7. S. W Wooldridge and W. G East, The Spirit and Objective of Geography: London, Hutchinson & Co Publishers, 1951, 23 –24. eight. See Ogunremi G. O "The Construction of Pre-colonial Financial system" P 16. 9. Ogunremi, "The Construction of Pre-colonial Financial system" P 16. 10. G. P Murdock, Africa, Its Peoples and Their Tradition Historical past: London , 1959, P 64. 11. G. O. Ogunremi, P 15. 12. G. O. Ogunremi, P 15. 13. Ehinmore, O.M "Fishing in South-Western Nigeria within the 19th Century: A Research of the Ilaje Fishing Financial system" AAU African Research Assessment, Lagos , First Educational Publishers, Vol. 1, No 1, 2002, 56. 14. See G. T Stride, C. Ifeka, Individuals and Empires of West Africa , Hong Kong: Thomas Nelson, 1971, P 159. 15. Ayodeji Olukoju: "Fishing, Migrations and Inter-group Relations within the Gulf of Guinea ( Atlantic Coast of West Africa ) within the 19th and 20th Centuries" Itinerario, Vol. XXV, European Journal of Abroad Historical past P 70. 16. Ayodeji Olukoju, P 70. 17. Interviews held with Kalejaye Eniola, fisherman, about 85yrs, at Odonla, 20/5/2006 . 18. Ehinmore, Omorele M. "A Historical past of Fishing in Ondo State , 1950 – 1997: A Case Research of the Ilaje Coastal Space" (M. A Thesis, College of Lagos , 1998), 19-24. 19. See G. O. Ogunremi, "The Construction of Pre-colonial Financial system" 20. 20. Interview held with Ariyo Odegbemi, hunter, 92yrs, at Erinje, 10/5/2006 . 21. Ariyo Odegbemi gave detailed worth of varied sorts of animals and their particular elements in preparation of conventional drugs earlier than and even after the introduction of orthodox drugs. 22. Interview held with Ariyo Odegbemi. 23. G. O. Ogunremi, P 21. 24. Bassey W Andah, Nigerians Indigenous Know-how, (Ibadan, Ibadan College Press, 1992), Pp 1-Four. 25. See G. T Stride, C. Ifeka, P 159. 26. Interview held with Edema Mejebi, at Warri, 16/6/2006 , 94yrs, an previous dealer and fisherman. This reality was strengthened by Ehinmore Ajao, a palace historian and an previous musician, 10/6/2006 , about 82yrs interviewed at Mahin. 27. A. E Afigbo, "Financial Foundations of Pre-colonial Igbo Society" in I. A Akinjogbin and S. O Osoba (eds), Subjects on Nigerian Financial and Social History (Ile-Ife: College of Ife Press, 1980), P 15. 28. G. T. Stride, C. Ifeka, P 159. 29. See Interview held with Ariyo Odegbemi, 10/5/2006 . 30. Dennis Williams: "An Define Historical past of Tropical African Artwork" in Joseph C. A Nene and Godfrey Brown (eds), Africa within the Nineteenth and Twentieth Centuries, (Ibadan: College Press, 1966), Pp 60-65. 31. Nene and Godfrey Brown, P 60. 32. Thurston Shaw, "The Pre-history of West Africa" in J. E Ade Ajayi and Michael Crowder (eds), Historical past of West Africa, (London: Longman 1971), P 69. 33. See Dennis Williams, "An overview Historical past of Tropical African Artwork", in African within the Nineteenth and Twentieth Centuries, P. 65. 34. G. O. Ogunremi, P. 22. 35. G. T Stride, and C. Ifeka, P. 161. 36. G. T. Stride, and C. Ifeka P. 101. 37. Richard and Jon Lander, Journal of the expedition to Discover the course and Termination of the Niger , ( London : 1932), 197. 38. G. T Stride, and C. Ifeka, P. 159. 39. N. A.I, Ilaje Intelligence Report, Ondo Province , by R. J. M. Curwen, file No O. D 119, 1937, P 35. 40. Interview held with Fibilia Majofodun, at Ereke, 12/6/206, about 80yrs, a fish dealer and mat weaver. 41. Dennis Williams, P 70. 42. See Bassey, W. Andah for detailed rationalization of Nigerian Constructing Know-how, Pp 55-70. 43. G. T Stride, and C. Ifeka, P 160. 44. Stride and Ifeka, P 160. 45. Stride and Ifeka, P 160. 46. Toyin Falola, "Commerce and Market in Pre-colonial Financial system" in G. O Ogunremi and E. Okay Faluyi (eds), An Financial Historical past of West Africa Since 1750, Pp 61-71. 47. I. A. Akinjogbin, "The Financial Foundations of the Oyo Empire" in I. A Akinjogbin and S. O Osoba (eds), Subjects on Nigerian Financial and Social Historical past, Ife : College of Ife Press , 1980, Pp 35-42. 48. E. E Evans-Pritchard, The Nuer: A Description of the Modes of Livelihood and Political Establishments of Nilotic Individuals, Oxford , 1940, P 77. 49. See detailed dialogue of various areas of specialization in fishing in O. M. Ehinmore, "Fishing in Southwestern Nigeria within the 19th century: A research of the Ilaje Fishing Financial system" Pp 58-62. 50. Adam Smith, An Enquiry into the Nature and Causes of the Wealth of Nations: London , 1901, E-book 1, P. 29, cited in G. O Ogunremi and E. Okay Faluyi, An Financial Historical past of West Africa Since 1750, P 34. 51. G. O. Ogunremi, "Conventional Elements of Manufacturing in Pre-colonial Financial system in G. O Ogunremi and E. Okay Faluyi (eds), An Financial Historical past of West Africa Since 1750, P 33. 52. Bert F. Hoselitz, "The Improvement of African Entrepreneurs" in E. F Jackson (ed), Financial Improvement of Africa, Oxford, 1965, P 86. Cited in An Financial Historical past of West Africa since 1750. 53. Hoselitz: "The Improvement of African Entrepreneurs" P. 87. 54. G. O Ogunremi, "Conventional Elements of Manufacturing" P. 39. 55. G. O. Ogunremi, P. 40. 56. Roger Leroy Miller, Economics Right now, P. 122. 57. Roger Leroy Miller, P. 122.