Emmanuel Nicholas
Economic progression is the most central means of raising common incomes and plummeting poverty in a developing State like Akwa Ibom. It generates jobs and prospects for deprived people to support their families and also figure out more established futures.
Developing States like ours whose economic growth depends solely, on Federal Government allocations, often suffer economic recession and face particular challenges that make it difficult for them to stimulate economic development.
These challenges include puny institutions, high unemployment, decaying infrastructure, low investment, and lack of industries, poor management of Government’s investment and lack of adequate funding.
In the time past, Akwa Ibom State was in situation that seemed not too attractive to the private sector investors, as no investor really wanted to invest in the State in the area of industries ,healthcare , maritime , Education and Agriculture, despite the abundant natural and human resources endowments of the state.
Governor Udom Emmanuel is working prudently to improve the business environment by stimulating private investment with commercial investors – through a revitalized government investment policies, which are attractive to both local and foreign investors alike.
The Governor’s projection is not only to improve the economy through industries alone, Governor Udom knows that Trade has a direct effect on poverty: on average, an increase in trade volumes will raise income volumes. So the current partnership of Akwa Ibom State Government to develop road infrastructure across the State with the private sector is a welcome development, as good road network increases intercity and inter State trades.
For example the construction of Arochukwu Road in Ini Local Government, is on course through a Private Partnership (PPP) agreement with the Akwa Ibom Government.
The Road which was almost eaten up by wanton gully erosion is an inter-State Road. It will not only allow more access to trading between the two States of Abia and Akwa Ibom, it will also provide access to Agro-allied investors who may before now nurse an ambition to invest in rice farming or rice processing Mill, but because of deplorable state of the Road , they declined their investment .
Governor Udom Emmanuel as a prudent financial manager is well aware, that, Governments need to create the right incentives for firms to invest. Private investment by both foreign and domestic firms contributes to the economic growth that is needed to reduce poverty.
During his declaration to run for the office of the governor, he made it clear to all of sundry, that his cardinal vision is to create wealth and jobs, hence eradicate poverty from Akwa Ibom State.
He promised to leave behind a State where all the citizenry will be self-sufficient and self-dependent. That no family will depend on another family for source of meals.
Governor Emmanuel is also recognizes that, the private investor’s willingness to invest is hinged on the business environment - the extent to which the laws, regulations and infrastructure within the State support or limit enterprising activities. Businesses need a gradation of inevitability and a satisfactory level of risk.
To develop Akwa Ibom State economy with the Private sector , Governor Udom is building a strong rule of law , enforceable property and land rights , better regulations , reduced trade barriers, proper infrastructure, a functioning tax system and increased transparency.
A Chinese private investor, the Managing Director of WE Construction , Engr Jack Zhu, once said in an interview with Superior Performance Digest, that, his willingness to partner with the State Government in the Area of Road construction is informed by the sincerity, transparency ,honesty and trustworthiness of Governor Udom Emmanuel. This commendation confirms that transparency is key to investor’s attraction.
Governor Udom Emmanuel said during the constitution of direct foreign investment technical committee that robust, foreseeable and translucent profitable, lawful milieus are critical to arouse internal and external outlay in developing States like Akwa Ibom .So to activate and cultivate trades need clear rubrics that could stand the test of times.
The Akwa Ibom State Government is combining a little financial capital and resourcefulness of the private sector funding with the political will and convoking power of governments, to ensure the economy is vibrant, that the current recession going on now will not be affective in the state.
Governor Udom Emmanuel is partnering with Rev Oil petroleum to establish a 50,000 barrel refinery , Resources Petroleum LTD to establish 100,000 barrel Refinery , Quantum Petroleum to establish a petro -chemical plant ,Metering Solutions Manufacturing Service to establish an electric meter factory , Romanian investors to establish a LED factory and Israeli firm to establish Automobile manufacturing plant etc.
Akwa Ibom State is also partnering with some private construction companies, to build roads of economic value , the coming State anniversary will witness the flag-off Arochukwu Road in Ini Local Government Area , Ibaka Super Highway and Ifete Road in Ini just to mention few.
In the construction of Ibom Deep Sea Port, the Akwa Ibom State government in conjunction with the Federal Government is giving the private sector a major role to play , as the private sector has been given 60 percent equity , while the State government takes 20 percent each.
Governor Udom Emmanuel is partnering with private sector because it is widely recognized to be a vital component in the alleviation of poverty as a means of providing more and different economic opportunities in any given society.
Lastly in the face of an ever increasing world population, greater expectations, demands from society and budgetary constraints, governments are facing an increasing amount of pressure to deliver new and improved infrastructure projects from transport, education healthcare, waste management, security, water and energy.
To meet these target, it is therefore imperative for Government to partner the private sector in bid to archive the set goals for overall benefit of the masses
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