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Cultural festivals and events have profoundly been regarded as avenues of cultural exchange and platforms to showcase cultural diversity whereas others view them as mere entertainment. In fact, many of the events have been termed as merit goods whose existence is still associated with the normative analyses.Festivals and events are indeed a very important means of empowering local communities to drive themselves towards growth and development. They act as an expansion of attractiveness and welfare of the hosting communities themselves, creating entertainment programmes for the local citizenry and bringing them back to life. This work wades through the deep waters to unearth the purpose of Cultural Festivals and Events in the local development process.