Roman Economic Thought and Contemporary Nigerian Market Practices: A Comparative Economic Analysis

Roman economic thought, as documented in agronomists such as Columella and Varro, jurists such as Ulpian, and philosophers such as Cicero, developed a sophisticated body of analysis addressing land use, labour, trade, and the ethics of commerce that bears comparison with contemporary market practices in Nigeria. This study examines structural parallels between Roman economic concepts, including the distinction between honest trade (negotium) and usurious speculation, the ethics of fair pricing, and the role of the state in market regulation, and contemporary market debates in Nigerian economic and political discourse. A comparative philosophical-economic methodology was adopted, drawing on primary Roman sources and secondary Roman economic history literature alongside analysis of Nigerian government economic policy documents, National Assembly debates on consumer protection and price regulation, and journalistic commentary on market ethics from 2019 to 2023. Interviews with six Nigerian economists with classical philosophy backgrounds enriched the analysis. Findings indicate that Roman debates about fair price (iustum pretium), the ethics of speculation, and the moral dimensions of commercial wealth retain striking contemporary relevance in Nigeria's context of price gouging, foreign exchange speculation, and informal market regulation. The study concludes that Roman economic ethics provides a generative historical resource for Nigerian economic policy discourse and recommends Roman economic history as a component of Nigerian economics programmes.

Keywords: Roman economic thought, market ethics, Nigerian economy, fair pricing, comparative economics