THE DYNAMICS OF THRIFT MARKET IN CONTEMPORARY LAGOS

Abstract

The recent surge of finished and fairly used items from overseas especially from Asian (South
Korean, Japan and China), Western Europe and North Americas have created a market for
thrift trading in Lagos, this new culture reflects broader dynamics of urban consumption,
informal economy, and survival strategies in African cities. This paper examines how thrift
market has evolved into a major street trading in Lagos, driven by socioeconomic realities
such as unemployment, low purchasing power, and the high cost of new commodities. The
paper highlights the role of global trade flow, the importation of “okirika” goods, the trend
that shapes consumer behaviour, prudentially, in the downturn economy, the practice sustains
livelihoods for traders and buyers alike. The study is delineated to two important thrift markets
in Lagos, Tejuosho, Yaba and Arena Oshodi. The research shows how the two markets are
markedly linked and sustained rural and urban livelihoods. The research is suited within the
theoretical framework of informal market economies, showing how secondhand trading
contributes to urban resilience, development of informal street trading and market structure in
Lagos, and consumer utilitarianism, using the least available resource for optimum
maximization and economic pragmatism especially for downtrodden. Findings reveal that
while the markets provide affordable alternatives and employment opportunities, it also raises
questions about waste dumping, sustainability, and how what has been recycled as waste
turned into commodities Lagos. Ultimately, the paper underscores Tejuosho and Arena
market’s significance as a microcosm of Africa’s informal economic networks and its
intersections with prudential acts in downward economies.