An investigation of economic diversification strategies among retired civil servants in Oron Local Government Area, Akwa Ibom State.
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Background of the study:
Retired civil servants in Oron are increasingly turning to economic diversification as a means to supplement their pensions and improve financial security. Economic diversification strategies, including small business ventures, investments, and consultancy services, are seen as viable alternatives to traditional retirement benefits (Ukpong, 2023; Eno, 2024). These strategies not only provide additional income but also contribute to local entrepreneurship and community development. Recent studies reveal that diversified income sources among retirees lead to enhanced economic stability and better quality of life (Inyang, 2024). However, challenges such as limited access to capital, inadequate market knowledge, and bureaucratic hurdles remain prevalent. This study investigates the various economic diversification strategies adopted by retired civil servants in Oron. It critically examines the motivations behind these strategies, the challenges encountered, and the overall impact on local economic development. By integrating theoretical models with empirical evidence, the research aims to provide a comprehensive understanding of how economic diversification among retirees can serve as a catalyst for sustainable economic growth in the community.
Statement of the problem:
Retired civil servants in Oron often face financial uncertainties due to insufficient pension schemes and limited employment opportunities post-retirement. The challenges in accessing capital and market information further restrict their ability to diversify economically. This scenario undermines the potential benefits of diversification strategies, necessitating an in-depth investigation into the obstacles and opportunities faced by retired civil servants in pursuing alternative income-generating activities.
Objectives of the study:
1. To identify the economic diversification strategies employed by retired civil servants.
2. To assess the impact of these strategies on local economic development.
3. To recommend interventions that can enhance the effectiveness of diversification efforts.
Research questions:
1. What economic diversification strategies are adopted by retired civil servants in Oron?
2. How do these strategies affect their financial stability and local economic development?
3. What factors facilitate or hinder successful economic diversification among retirees?
Research Hypotheses:
1. Economic diversification strategies significantly improve the financial security of retired civil servants.
2. Diversification positively contributes to local economic development in Oron.
3. Limited access to capital and market information negatively affects the success of diversification strategies.
Significance of the study:
This study is significant as it sheds light on alternative income sources for retired civil servants, offering insights that can inform policy and support mechanisms. The findings will help enhance local economic development and improve the quality of life for retirees.
Scope and limitations of the study:
The study is limited to investigating economic diversification strategies among retired civil servants in Oron Local Government Area, Akwa Ibom State and does not include active civil servants or other retirement communities.
Definitions of terms:
• Economic diversification: The process of expanding income sources through varied business and investment activities.
• Retired civil servants: Former government employees who have exited the formal workforce.
• Local economic development: The growth and improvement of economic conditions within a defined local area.
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