The impact of market fires on traders' economic stability in Idumota Market, Lagos Island Local Government Area, Lagos State.
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- NGN 5000
Background of the study:
Market fires in Idumota have repeatedly disrupted economic activities, posing severe challenges to traders and the broader local economy. Historically, the market has been a bustling center for commerce, but recurrent fires have led to significant property damage, loss of inventory, and disrupted supply chains (Balogun, 2023; Akinyele, 2024). These incidents have not only impacted the traders’ income and livelihood but also affected consumer confidence and market dynamics. Recent investigations have focused on the underlying causes of these fires—ranging from infrastructural weaknesses to inadequate safety protocols—and their lasting socio-economic consequences (Obi, 2024). The interplay between emergency response, insurance inadequacies, and traders’ coping strategies calls for a systematic study of economic stability amidst such crises. By analyzing the impact of market fires, this study aims to understand the resilience of local traders, assess the effectiveness of safety interventions, and provide recommendations that can enhance economic stability and recovery strategies in the wake of disasters.
Statement of the problem:
The recurring market fires in Idumota have led to significant economic instability among traders. Loss of stock, damaged infrastructure, and inadequate recovery measures have compromised traders’ livelihoods and disrupted market operations. Furthermore, the absence of comprehensive safety and insurance policies exacerbates the vulnerability of traders to such disasters. This study seeks to address the gap in empirical research on how market fires affect traders' economic stability and the effectiveness of existing mitigation measures.
Objectives of the study:
1. To assess the economic impact of market fires on traders in Idumota.
2. To identify the key factors contributing to the frequency and severity of market fires.
3. To propose effective safety and recovery strategies for enhancing economic stability.
Research questions:
1. What are the short- and long-term economic effects of market fires on traders?
2. Which factors contribute most significantly to the occurrence of market fires?
3. What recovery strategies can be implemented to improve traders’ resilience?
Research Hypotheses:
1. Market fires significantly reduce traders’ income and business continuity.
2. Inadequate infrastructural safety measures increase the risk of market fires.
3. Implementation of robust safety protocols positively influences traders’ economic recovery.
Significance of the study:
This study highlights the critical impact of market fires on economic stability, providing insights that can inform policy and improve disaster management in market settings. The findings are valuable for traders, regulatory authorities, and urban planners to develop strategies that mitigate risks and enhance recovery.
Scope and limitations of the study:
The study is limited to the impact of market fires on traders in Idumota Market, Lagos Island Local Government Area, Lagos State and does not address other types of disasters or markets.
Definitions of terms:
• Market fires: Uncontrolled fires occurring within market premises that result in economic losses.
• Economic stability: The consistency of income and business operations despite external disruptions.
• Resilience: The ability of traders to recover and adapt following economic shocks
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