Updates from Professionals

  • Litcaf - Remilekun Falade

    Remilekun Falade 3 months ago

    Hello everyone. We are on to LitCaf. The very big one.

  • Litcaf - Adedamola Abraham

    Adedamola Abraham 3 months ago

    Kids should not be encouraged to dump the sciences for anything. That is not hoe to grow an economy.

  • Litcaf - Temitope Jeremiah

    Temitope Jeremiah 3 months ago

    What caption for this? Surely a great shot.

  • Litcaf - Temitope Jeremiah

    Temitope Jeremiah 4 months ago

    This is how we do it. Happiness at work..Come try LitCaf

  • Litcaf - Temitope Jeremiah

    Temitope Jeremiah 6 months ago

    What we do at #LitCaf #Coworking

  • Litcaf - Temitope Jeremiah

    Temitope Jeremiah 6 months ago

    Not all about tech. Our use base is diverse array of gentle men and ladies. #LitCaf is where you want to be. #Coworking #Yaba #Lagos

  • Litcaf - Tope

    Tope 6 months ago

    Lets do this together, Otondo friends.

  • Litcaf - Temitope Jeremiah

    Temitope Jeremiah 6 months ago

    Dictionary definition of freelancer. How well do you agree with that?

  • Litcaf - Lovey Dovey

    Lovey Dovey 6 months ago

    Hello Everyone. Happy to be here on LitCaf

  • Litcaf - Apoola

    Apoola 6 months ago

    Idealized Biafra. Nothing shameful about that.

  • Litcaf - Temitope Jeremiah

    Temitope Jeremiah 6 months ago

    Good morning everyone. Wake up with a newer determination to achieve your objective.

  • Litcaf - Tope Apoola

    Tope Apoola 6 months ago

    Still testing. One long test.

  • Litcaf - Apoola

    Apoola 6 months ago

    We got books to lend.

  • Litcaf -

    7 months ago

    Memory lane...Ken Saro Wiwa

  • Litcaf - Temitope Jeremiah

    Temitope Jeremiah 7 months ago

    One innovation of ours.

  • Litcaf - Temitope Jeremiah

    Temitope Jeremiah 7 months ago

    May7ven was born in May 7. I thought that was obvious. However, that isn\'t what we are talking about now. Do you know that this website actually does not allow copy and paste because of its care about aesthetics?

  • Litcaf - Tope Apoola

    Tope Apoola 8 months ago

    Me..Me..Me

  • Litcaf - MI Apoola

    MI Apoola 8 months ago

    We research and present needed data to help with forecast, survey, and decision making. SND MiniMax Consultancy.

  • Litcaf - MI Apoola

    MI Apoola 8 months ago

    Hello everyone. I like to introduce SND MiniMax Consultancy. We are involved in data collection and human capacity building.

  • Litcaf -

    8 months ago

    Hello, LitCaf. Seems very exciting, what\'s coming down here. Meanwhile, making a shout-out to best gal, May7.

The Great Depression

The Great Depression times in Ereko Market, Lagos 1930s
Ereko Market, Lagos 1930s during the depression Source: NNP Audio after 2nd par. is a Lagos popular music of the 1930s, period of the depression.

The Great Depression was the deep economic crisis of the 1930s started in America after steep fall in stocks, in which many world countries participated owing to the maintenance of the gold standard of exchange. Hoarding of money followed the loss of confidence in the economic system, and general purchasing power declined. The effect of global depression that characterized the inter-war years in many countries of the world reached Nigeria in the late 1920s. Prices for export fell, and the Nigerian economy crashed as cash crops for example, were purchased for less.

When the Depression hit the Ijebu between 1929 and 1933, it was generally believed that it was a visitation from the gods because they had abandoned the legitimist principle in succession of their king as prescribed from time immemorial. Ijebu economy, being dependent on trade, was hit hardest by the depression, Middlemen traders had to spread their tentacles to Ibadan and Ife to be able to acquire cocoa and palm kernel produced. In the Lagos education sector, the fairly benevolent teacher salary structure of 1926 was downscaled by up to 20 percent and school grants was reduced in 1934 by 16 percent.

 

 

The Great Depression represents, to some scholars, the period when imperial powers exploited Africa the most, apparently out of necessity. Even the virtues of free market was abandoned as colonial authority circumvented market forces by taking control of cocoa trade with the foreign trading firms formation of the cocoa buying pool. The attitude during the global depression towards colonial government, especially after the Cocoa-pool incidence provided an impetus for the nationalist movement that began to take shape in the 1930s. On the flip side, the period between the Great Depression and the Second World War has been mentioned by Laurent Fourchard in The Making of Urban Africa as the time when a new level of certain Lagos urban features such as unemployment, poverty, prostitution, and delinquencies gained prominence.