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SOCIAL CAPITAL AND AJỌ SYSTEM AMONG WORKING CLASS TRADERS IN IBADAN, NIGERIA

Authors


  • Dr Ayokunle Olumuyiwa Omobowale teaches Sociology at the University of Ibadan. His research interests include Development, Culture, Rural Studies, Politics, and Urbanization. He is a recipient of University of Ibadan Postgraduate School Award for scholarly publication; 2007, IFRA Research Fellowship; 2009 and ACLS-AHP Post-Doctoral Fellowship; 2010. He has published articles in reputable journals and edited volumes/books.

Professor Ayokunle Olumuyiwa Omobowale, Department of Sociology, University of Ibadan, Ibadan, Nigeria. Tel: +234-805-360-7449. Fax: 02-8103043. E-mail: ao.omobowale@mail.ui.edu.ng and muyiwaking@yahoo.com

Abstract

The article presents the Yoruba ajọ system as a form of social capital in working class business finance and human development. Social capital depicts the utilization of bonds of love, friendship, trust, and kinship as productive resources. A primary factor in the formation of ajọ is the trust value, which could sustain group cohesion and survival. Data were collected through in-depth interviews (IDIs) among working class traders in six urban markets in Ibadan. A total of thirty-three IDIs were conducted. The study detailed the structure and organization of ajọ, affirmed the relevance of ajọ in business finance and human development, and also examined the challenges of the of the ajọ system.

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