An Assessment of Market Unions and Their Influence on Economic Stability in Otukpo Local Government Area, Benue State
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- 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
-
To evaluate the role of market unions in promoting economic stability in Otukpo Local Government Area.
-
To identify challenges affecting the effectiveness of market unions in Otukpo.
-
To assess policy frameworks that support market unions and economic stability.
1.4 Research Questions
-
How do market unions influence economic stability in Otukpo?
-
What challenges affect the effectiveness of market unions in Otukpo?
-
How can policies be improved to enhance market union operations in Otukpo?
1.5 Research Hypotheses
-
Market unions significantly contribute to economic stability in Otukpo Local Government Area.
-
Market unions in Otukpo face challenges that hinder their effectiveness.
-
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
-
Market Unions: Organizations that represent and regulate traders within a market.
-
Economic Stability: The ability of a market to maintain consistent prices, business operations, and trade security.
-
Trade Governance: The regulatory framework that oversees market activities and transactions.
Related Project Materials
An investigation into the relationship between early childhood education and parental employment in Dawakin Tofa Local Government Area, Kano State
Background of the Study
Early childhood education is widely recognized as a foundational pillar that not only influences a...
The effect of digital narrative strategies on enhancing consumer trust and perceived product quality: Evidence from a tech company in Lagos, Nigeria
Background of the study
Digital narrative strategies have become a cornerstone in modern advertising, especially for tec...
THE IMPACT OF WAR AGAINST CORRUPTION TO THE ECONOMY OF NIGERIA
ABSTRACT
This study was carried out to examine
Design of a Blockchain-Enabled System for Secure Genomic Data Sharing in Nigeria: A Case Study of Federal University, Wukari, Taraba State
Background of the Study
Genomic data holds immense potential for advancing precision medicine, understanding genetic predis...
INFLUENCE OF PARENTING STYLES ON LEARNING MOTIVATION AS EXPRESSED BY SECONDARY SCHOOL STUDENT IN ILORIN METROPOLIS, KWARA STATE
1.1 Background of the Study
Parenting, a multifaceted concept, encompasses the practices, behaviors, and emotional bonds...
Exploring AI-Based Personalized Recommendation Systems for Academic Resources in Ahmadu Bello University, Zaria, Kaduna State
Background of the Study
In higher education, students often struggle to access the right academic resources, leading to challenges in the...
AN APPRAISAL OF THE ECOWAS LEGAL REGIME ON PROLIFERATION AND MISUSE OF SMALL ARMS AND LIGHT WEAPONS: A CASE STUDY OF NIGERIA
ABSTRACT
This study examines the Proliferation and Misuse of Small Arms and Light Weapons under the ECOWAS Legal regime taking Nigeria as...
An Examination of Morphological Innovation in Nigerian Social Media: A Case Study of Instagram Captions
Background of the study
Instagram has emerged as a significant platform for linguistic creativity, particu...
An Examination of the Role of Credit Scoring in Loan Approval: Evidence from Zenith Bank Nigeria
Background of the Study
Credit scoring is a quantitative method used by financial institutions to assess the creditworth...
THE EFFECT OF PUBLIC LIBRARIES ON REDUCING JUVENILE DELINQUENCY IN URBAN AREAS: A STUDY OF JOS SOUTH LOCAL GOVERNMENT AREA, PLATEAU STATE
Background of the Study
Juvenile delinquency remains a critical concern in urban Nigeria, driven by socio-economic factors...
