For generations, Olufi Market has remained an important part of the commercial life of Gbongan, bringing together farmers, traders and buyers from the town and surrounding communities. Beyond the busy stalls and exchange of goods, however, lies a marketplace whose history is closely connected to the growth and commercial development of Gbongan.

But when did Olufi Market begin, and how did it become one of the town’s recognised centres of trade?

Historical research identifies Olufi Market as a periodic market in Gbongan, serving a wider area beyond the immediate community. Unlike daily markets, periodic markets operate at designated intervals, attracting traders and buyers from surrounding settlements. Research on the old Osun Division lists Olufi among the periodic markets that served wider areas and notes that some periodic markets in the region had roots predating the colonial period.

One of the distinctive features of Olufi Market is its five-day cycle. A publication on Gbongan’s cultural life records that the town has two major markets, including Ojà Alé, a daily evening market, and Ojà Olúfì, which operates every five days. This places Olufi within the traditional periodic-market system that has long been part of commercial life in Yoruba communities.

The five-day cycle means that Olufi Market is not simply a daily marketplace. Its trading activities follow a recurring market day, attracting traders and customers who plan their buying and selling around that cycle. Current descriptions of the market also identify it as a five-day market and note that farmers from nearby towns and villages bring their agricultural produce there.

The importance of Olufi Market is also connected to the agricultural economy of Gbongan and its surrounding communities. Farmers bring their produce to the market, while traders and consumers purchase food items and other commodities. Historical research describes Olufi as one of the periodic markets that served a wider area, reflecting the role of markets in connecting producers and consumers across communities.

Research on markets in Ayedaade Local Government Area further identified Olufi Market as an important market in the area, with agricultural products forming a significant part of the trading activities. The study also found that Olufi attracted substantial patronage from traders in the area.

The market’s history has also involved a change of location. A 2024 feature published by Vanguard reported that the well-known Olufi Market was formerly located at Isale-Oja before it was moved to a more spacious location along the highway, close to the former Igbo-Igbale area.

The relocation reflects the changing needs of Gbongan as the town expanded and commercial activities developed. Moving the market to a more spacious location also provided room for the activities associated with a market that serves not only residents of Gbongan but people from surrounding communities.

The name Olufi Market is closely connected to the traditional identity of Gbongan and the institution of the Olufi of Gbongan. Historical accounts trace Gbongan’s origins to Olufioye, popularly known as Olufi, who migrated from Oyo with his followers and established Gbongan-Ile before the community later moved to its present location.

Today, Olufi Market continues to play an important role in the commercial life of Gbongan. Food items, farm produce and other commodities are traded there, while farmers, traders and buyers continue to make use of the market’s established five-day cycle.

Beyond buying and selling, Olufi Market represents part of Gbongan’s cultural and economic heritage. Its periodic trading system, connection with agriculture and service to surrounding communities have helped make it an enduring feature of the town.

From its traditional role as a periodic market to its former location at Isale-Oja and subsequent relocation, Olufi Market has developed alongside Gbongan itself.

Today, when the five-day market cycle arrives and traders and buyers gather once again, the activity reflects more than commerce. It represents a trading tradition that has remained woven into the economic and social life of Gbongan for generations.When Did Olufi Market Begin? Tracing the History of Gbongan’s Historic MarketplaceWhen Did Olufi Market Begin? Tracing the History of Gbongan’s Historic Marketplace