The impact of social capital on economic empowerment in Esan South-East Local Government Area, Edo State
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Background of the Study:
Social capital—the networks, relationships, and norms that facilitate collective action—plays a crucial role in economic empowerment, particularly in Esan South-East Local Government Area. Strong community ties foster trust, cooperation, and resource sharing, which can lead to improved economic opportunities for residents (Okoro, 2023). Social capital enables access to informal financing, job opportunities, and entrepreneurial networks that are often absent in formal sectors (Adebayo, 2024). Enhanced social interactions have been linked to better collective responses to economic challenges, thus contributing to community resilience and growth (Ijeoma, 2023). However, disparities in social capital distribution can also lead to exclusion and inequity, affecting overall economic empowerment. This study explores how social capital influences economic outcomes and community development, shedding light on strategies to harness social networks for improved livelihoods (Udo, 2024).
Statement of the Problem:
Despite the potential benefits of social capital, economic empowerment in Esan South-East remains uneven. Limited access to strong social networks and exclusion of marginalized groups hinder equitable economic growth, thereby exacerbating socio-economic disparities (Chisom, 2023).
Objectives of the Study:
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To evaluate the role of social capital in economic empowerment.
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To identify barriers to effective utilization of social networks.
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To propose strategies to enhance social capital for economic growth.
Research Questions:
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How does social capital influence economic empowerment?
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What barriers limit effective social networking in the area?
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What strategies can improve the distribution of social capital?
Research Hypotheses:
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Social capital significantly enhances economic empowerment.
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Inequality in social networks negatively impacts economic growth.
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Strengthening community networks improves economic outcomes.
Significance of the Study:
This study is significant as it clarifies the role of social capital in driving economic empowerment. Its findings will help policymakers design interventions that strengthen community ties and promote inclusive economic development (Obi, 2024).
Scope and Limitations of the Study:
Limited to the topic only.
Definitions of Terms:
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Social Capital: The networks and relationships that facilitate cooperation within a community.
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Economic Empowerment: The ability of individuals to improve their economic status.
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Marginalization: The process by which certain groups are excluded from full participation in society.
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