An Assessment of Market Unions and Their Influence on Economic Stability in Otukpo Local Government Area, Benue State
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- Table of Content: Available
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- NGN 5000
Background of the Study
Market unions play a crucial role in the economic stability of local markets by providing organizational structure, ensuring price stability, and advocating for traders' rights. In Otukpo Local Government Area, Benue State, market unions have historically functioned as intermediaries between traders and government authorities, facilitating business operations and conflict resolution. These unions regulate trade practices, mediate disputes, and coordinate communal efforts to maintain market order.
Economic stability in local markets depends on several factors, including pricing consistency, business security, and access to financial resources. Market unions help stabilize prices by preventing market monopolies and price manipulation, ensuring that both traders and consumers benefit from fair trade practices (Eze & Chukwu, 2023). Additionally, they provide financial support through collective savings schemes, enabling traders to access loans for business expansion. However, despite their contributions, market unions in Nigeria face governance challenges, including leadership conflicts, mismanagement of funds, and lack of governmental support (Olawale & Musa, 2024).
The role of market unions in economic stability has gained increased attention as policymakers explore ways to strengthen informal market structures. While some scholars argue that these unions enhance economic resilience by fostering trade cohesion, others highlight issues of corruption and elite capture within market leadership (Abah & Yusuf, 2025). This study assesses the influence of market unions on economic stability in Otukpo, identifying their contributions, challenges, and policy implications for sustainable market development.
1.2 Statement of the Problem
Market unions in Otukpo play a critical role in regulating trade and maintaining economic stability, but their effectiveness is often undermined by internal and external challenges. Leadership disputes, lack of financial transparency, and government interference threaten their ability to function optimally (Usman & Adeboye, 2023). Additionally, traders sometimes bypass unions, leading to unregulated business practices that destabilize the market. There is a need to assess the role of market unions, their influence on economic stability, and strategies to strengthen their impact.
1.3 Objectives of the Study
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To evaluate the role of market unions in promoting economic stability in Otukpo Local Government Area.
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To identify challenges affecting the effectiveness of market unions in Otukpo.
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To assess policy frameworks that support market unions and economic stability.
1.4 Research Questions
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How do market unions influence economic stability in Otukpo?
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What challenges affect the effectiveness of market unions in Otukpo?
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How can policies be improved to enhance market union operations in Otukpo?
1.5 Research Hypotheses
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Market unions significantly contribute to economic stability in Otukpo Local Government Area.
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Market unions in Otukpo face challenges that hinder their effectiveness.
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Existing policies are inadequate in supporting market unions and promoting economic stability.
1.6 Significance of the Study
This study provides insights into the role of market unions in economic stability, contributing to discussions on informal market regulation and trade governance. It offers recommendations for strengthening union structures, enhancing transparency, and improving policy support for sustainable market operations.
1.7 Scope and Limitations of the Study
The study focuses on market unions in Otukpo Local Government Area, Benue State. It does not extend to other informal market structures or unions outside Otukpo.
1.8 Operational Definition of Terms
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Market Unions: Organizations that represent and regulate traders within a market.
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Economic Stability: The ability of a market to maintain consistent prices, business operations, and trade security.
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Trade Governance: The regulatory framework that oversees market activities and transactions.
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