An appraisal of the contribution of remittances to local economic development in Ikot Ekpene Local Government Area, Akwa Ibom State
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Background of the Study
Remittances, defined as funds transferred by migrants to their home communities, play an increasingly important role in local economic development. In Ikot Ekpene Local Government Area, Akwa Ibom State, remittances have become a vital source of income for households, stimulating consumption, investment, and entrepreneurial activities. These financial inflows help bridge income gaps and foster economic stability in areas where traditional revenue sources are limited (Udo, 2023). The infusion of remittances has also led to improvements in local infrastructure and social services, thereby indirectly contributing to community development. However, the sustainability of remittance-driven development is contingent upon effective financial management and local investment channels (Ekong, 2024). This study evaluates the extent to which remittances influence local economic growth and social welfare, examining the mechanisms through which these funds are utilized and their broader socio-economic impacts (Mba, 2025). By analyzing quantitative and qualitative data, the research seeks to uncover both the potentials and limitations of remittances as catalysts for sustainable local development.
Statement of the Problem
Despite the substantial inflow of remittances into Ikot Ekpene, their contribution to sustainable local economic development remains unclear. Challenges such as inefficient fund utilization, lack of organized investment channels, and minimal financial literacy among recipients impede the effective transformation of remittance income into long-term development benefits. These issues raise concerns regarding the reliance on remittances as a stable economic resource. This study aims to identify and address the key constraints that limit the developmental impact of remittances in the region (Udo, 2023).
Objectives of the Study:
To assess the role of remittances in local economic development.
To identify challenges in the effective utilization of remittance funds.
To propose strategies for maximizing the developmental impact of remittances.
Research Questions:
How do remittances contribute to local economic activities?
What challenges hinder effective utilization of remittance funds?
What strategies can enhance the transformational impact of remittances?
Research Hypotheses:
H₁: Remittances significantly contribute to local economic development.
H₂: Inefficient fund management reduces the developmental benefits of remittances.
H₃: Financial literacy programs improve the effective use of remittance funds.
Significance of the Study
This study is significant as it provides insights into the role of remittances in driving local economic development. The findings will guide policymakers, financial institutions, and community leaders in optimizing remittance utilization to foster sustainable growth and improved living standards in Ikot Ekpene (Ekong, 2024).
Scope and Limitations of the Study:
The study is limited to evaluating the contribution of remittances to local economic development in Ikot Ekpene Local Government Area, Akwa Ibom State, focusing on income, investment, and community benefits.
Definitions of Terms:
Remittances: Funds transferred by migrants to their home communities.
Local Economic Development: Efforts aimed at improving the economic conditions of a specific locality.
Financial Literacy: The ability to understand and effectively manage financial resources.
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