An evaluation of the role of urban markets in economic development in Eket Local Government Area, Akwa Ibom State
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- Table of Content: Available
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- NGN 5000
Background of the Study
Urban markets in Eket are vibrant centers of commercial activity that significantly contribute to local economic development (Okoro, 2023). These markets serve as critical nodes for trade, connecting rural producers with urban consumers and stimulating small business growth. They not only generate income and employment but also foster social interactions and cultural exchanges. However, rapid urbanization and evolving consumer behaviors pose challenges to traditional market structures (Ibe, 2024). Issues such as inadequate infrastructure, regulatory constraints, and competition from modern retail formats have raised questions about the sustainability and efficiency of these markets (Adebayo, 2025). This study investigates the multifaceted role of urban markets in driving economic development in Eket, analyzing their contribution to job creation, income generation, and overall community welfare. By evaluating market dynamics alongside policy frameworks, the research aims to provide actionable recommendations for enhancing the economic impact of urban markets (Okoro, 2023).
Statement of the Problem
Despite their significant role in economic development, urban markets in Eket face numerous challenges that limit their potential. Inadequate infrastructure, restrictive regulatory policies, and increased competition from modern retail outlets have compromised their effectiveness (Okoro, 2023). These challenges result in reduced market efficiency, lower income generation, and diminished employment opportunities for local traders (Ibe, 2024). The disconnect between traditional market operations and contemporary economic demands calls for a comprehensive assessment of market conditions and policy gaps to foster sustainable economic growth (Adebayo, 2025).
Objectives of the Study:
- To evaluate the economic contributions of urban markets in Eket.
- To assess the challenges facing traditional market systems.
- To propose strategies for enhancing market efficiency and economic development.
Research Questions:
- How do urban markets contribute to economic development in Eket?
- What challenges hinder the performance of traditional market systems?
- What strategies can be implemented to improve market operations?
Research Hypotheses:
- Urban markets significantly boost local economic development.
- Inadequate infrastructure negatively affects market performance.
- Policy reforms can enhance the efficiency and sustainability of urban markets.
Significance of the Study
The study provides essential insights into the economic role of urban markets, guiding policymakers on enhancing market infrastructure and regulatory frameworks. The findings will promote sustainable economic development and improved livelihoods in Eket (Okoro, 2023; Ibe, 2024; Adebayo, 2025).
Scope and Limitations of the Study:
The study is limited to evaluating the role of urban markets in economic development in Eket.
Definitions of Terms:
- Urban Markets: Traditional commercial centers where goods and services are exchanged.
- Economic Development: The process of improving economic well-being and quality of life.
- Infrastructure: The physical facilities supporting economic activities.
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