The Persistence and Socio-Economic Relevance of Barter Trade in the 21st Century: A Case Study of Esuk Mba, Akpabuyo Local Government Area, Cross River State, Nigeria
Abstract
This study, titled “The Persistence and Socio-Economic Relevance of Barter Trade in the 21st Century: A Case Study of Esuk Mba, Akpabuyo Local Government Area, Cross River State, Nigeria,” examines the continued existence and contemporary socio-economic significance of barter trade in a modern economy dominated by monetary exchange. Although barter is often regarded as a relic of pre-monetary economic systems, evidence from Esuk Mba suggests that it remains an active and functional mode of exchange within certain rural communities. The study adopts a quantitative and descriptive approach to investigate the factors sustaining barter practices and their relevance to local livelihoods. Data for the study were collected from 125 respondents through structured questionnaires, oral interviews, and focus group discussions. The findings reveal that residents of Esuk Mba possess considerable knowledge of the socio-economic dynamics of barter exchange and continue to engage in it due to its perceived safety, convenience, and level of satisfaction in facilitating transactions. The community has also developed informal mechanisms that help mitigate traditional limitations of barter trade, including issues related to exchange valuation and the classical problem of the double coincidence of wants. Respondents generally indicated that these mechanisms make the system workable and acceptable within the local market context. The study concludes that barter trade remains a viable complementary exchange system, particularly in rural economies where cash flow may be limited. It therefore recommends that the Cross River State Ministry of Tourism and Culture should further develop the Esuk Mba market and promote it as a cultural and economic tourism destination, showcasing the practical experience of barter exchange. Additionally, barter trade may serve as an alternative coping mechanism during periods of economic hardship, inflation, and poverty in the 21st century, while also contributing to cultural preservation and local economic resilience.