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BACKGROUND OF THE STUDY
The function of street trading in the societal development of many nations cannot be over-emphasized. Whether neglected or encouraged, their importance cannot effectively be submerged since every individual can easily reach their needs through this street trading.
Oredo Local Government Area is one of the three local Government Areas that make up the state capital Benin City with its administrative headquarter at king square in the City centre. The people there are mostly sole proprietors small scale traders and also street traders and as such could not afford large scale enterprise; hence they embrace little that can yield income for them to cater for themselves and families. Some examples of the trades done on street are:
1) Sales of recharge cards
2) Mini provision kiosks
3) Retail shops
4) Selling of corn
5) Roasting of plantain (i.e. bole). Etc.
Street trading according to Uwoyo (1995) is a trade done on a public road in city, town or village. It is as a result of low financial status of the people with the inability of creating lager business enterprises that can yield good income street trading in Oredo Local Government Areas is mostly caused by poverty. For example; a commercial motorcyclist popularly known as okada riders, with a family if 6 (six) children and whose wife finds it difficult to use the money gotten from his okada business to cater for his family will set up a little sole proprietorship business or give his wife little money to open any street trade to help the family. However in another view by Nwoyo (2005), street trading can also be caused by lack of education, high birth rate, frustration, etc.
Okeyo (1998) gave the following as the main criteria used to describe street trading:
1) It is usually sited on streets
2) It is usually a sole proprietorship business
3) Financial strength
4) Scale of value
5) Relative size and initial capital outlay
Basically, as a manifestation of various attempts by the developing world to chart the course of new economic growth and development, it is also vital to note the prospects; Ogoke (2005) explained that in Nigeria, street trading constitutes the largest proportion of societal trade sector.
STATEMENT OF PROBLEM
This research will focus attention on the problems. Causes and effects of street trading in Oredo Local Government Area, one of the major causes of street trading is financing, which leads to inadequate capital and inadequate facilities for sustaining the development and as well as growth of these retail shops.
In Oredo Local Government Area, the system of financing local business sited on streets is usually difficult for owners because what they sometimes not enough for them and their families to manage let alone having a reservoir for savings.