An appraisal of the role of local markets in rural economic sustainability in Ugboha, Esan South-East Local Government Area, Edo State, Nigeria
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Background of the study:
Local markets are vital centers of economic activity in rural communities, serving as hubs for trade, social interaction, and livelihood diversification. In Ugboha, Esan South-East Local Government Area, these markets provide essential platforms where local producers and traders exchange goods ranging from agricultural produce to handcrafted products. The vibrancy of these markets not only fuels local economic sustainability but also fosters social cohesion among community members. Despite their importance, local markets often operate under challenging conditions due to infrastructural deficits, inadequate market facilities, and limited access to modern technologies. Such constraints impede their full potential, resulting in reduced profitability and economic stagnation. Studies have emphasized that the development of efficient local markets is closely linked to poverty alleviation and sustainable rural development (Igbinoba, 2023). Furthermore, effective market management can stimulate broader economic growth by connecting rural producers with larger supply chains (Omoregbe, 2024). This study examines the current role of local markets in sustaining rural economies in Ugboha, identifies challenges, and suggests improvements to enhance market performance (Ajayi, 2025).
Statement of the problem:
In Ugboha, local markets face multiple challenges that hinder their capacity to contribute effectively to rural economic sustainability. Infrastructural inadequacies, poor market facilities, and restrictive regulatory environments limit the growth and efficiency of these markets. Furthermore, increasing competition from urban retail outlets has put additional pressure on traditional market systems, leading to reduced incomes for local traders. These issues collectively affect the livelihood of rural residents who depend on the markets for their income and economic activities. This study aims to diagnose the core challenges impeding market efficiency and propose viable strategies to enhance the economic role of local markets in Ugboha (Igbinoba, 2023; Omoregbe, 2024).
Objectives of the study:
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To assess the current state of local markets in Ugboha.
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To analyze the contribution of local markets to rural economic sustainability.
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To propose strategies for enhancing market effectiveness and economic growth.
Research questions:
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What is the current role of local markets in Ugboha's economy?
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How do local market challenges affect economic sustainability in rural areas?
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What strategies can improve the performance and impact of local markets?
Research Hypotheses:
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H1: Local markets significantly contribute to rural economic sustainability.
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H2: Infrastructural deficits negatively affect market performance.
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H3: Policy interventions can enhance the efficiency of local markets.
Significance of the study:
This study underscores the importance of local markets in fostering rural economic sustainability, providing valuable insights for policymakers, market stakeholders, and community leaders. It emphasizes the need for infrastructural improvements and supportive regulatory frameworks to bolster the economic contributions of local markets. The findings are expected to inform strategic initiatives that promote sustainable economic development in rural Ugboha (Omoregbe, 2024; Ajayi, 2025).
Scope and limitations of the study:
This study is limited to the evaluation of local markets’ role in rural economic sustainability in Ugboha, Esan South-East Local Government Area.
Definitions of terms:
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Local Markets: Community-based trading hubs facilitating the exchange of goods and services.
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Economic Sustainability: The ability of an economy to support long-term growth and stability.
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Infrastructural Deficits: Shortcomings in physical structures and facilities supporting economic activities.
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