The Currency of Trust in Lagos Markets | Integrity & Business Ethics in Nigeria
The Currency of Trust in Lagos Markets examines how integrity, reputation, and proactive communication sustain business relationships across Nigeria’s informal and formal economies, using real practices from Idumota and Alaba to show how trust operates as economic currency where legal enforcement is slow, social credibility is decisive, silence destroys confidence, loan default and broken agreements carry lasting consequences, and long-term accountability remains the foundation for sustainable enterprise as Nigeria approaches 2026.
By Apostle Kreeno O. O. Ojeagbase FICA, SFIDR, PhD
In the bustling markets of Idumota and Alaba, deals worth millions are often concluded with a simple nod or a handshake. To the outsider, this might seem like reckless informality. To the veteran Nigerian businessperson, it is the highest form of currency: Trust.
In an environment where legal recourse can be slow and expensive, reputation becomes the primary enforcement mechanism. When you default on a promise, you don't just lose a deal; you lose the network. The 'Credit Bureau' of the street is faster and more unforgiving than any digital database. News of dishonorable conduct travels at the speed of WhatsApp.
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But how do we maintain this trust when inflation erodes margins and supply chains fracture? The answer lies in proactive communication. The breakdown of trust usually happens not when a problem occurs, but when silence follows. If you cannot meet a financial obligation, speak up immediately with the lenders. In our culture, a debtor who communicates is often given grace; a debtor who hides is treated as a thief and this is what the community should treat such people.
Building a business that lasts generations requires moving beyond the 'hit and run' mentality. It demands a commitment to the long game, where integrity is not just a moral choice, but a strategic imperative. Your name is the only thing that walks into rooms before you do. Keep it clean especially when it comes handling loans.
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As we approach 2026, Nigerian businesses and business owners must make a deliberate choice about the kind of economy we want to sustain. This is a call to action for every trader, entrepreneur, lender, and professional: let integrity-in-business become policy, not exception. Honour your contracts, communicate early when challenges arise, repay what you owe both capital and compounded interest, and refuse to profit from silence, delayed tactics, or deceit.
In a fragile economy, trust is not a soft value, it is the hard infrastructure that keeps commerce moving when systems fail. If we want stronger access to credit, lower risk, lower interest rate, and businesses that outlive their founders, then 2026 must be the year we rebuild confidence one promise at a time. Let your word regain its power, let your signature count for something. Let your name open doors. And let Nigeria’s business future be shaped not just by profit, but by probity.
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