The Political Economy of Akwa Ibom State of Nigeria: Impact on Private Sector 1999-2014

Abstract

This article examined the Political Economy of Akwa Ibom State of Nigeria and Impact on Private sector 1999-2014.  All financial obligations of the State are anchored on oil revenue. Urban bias theory is adopted for the study while observation and verification design was used to arrive at its conclusion.  Over dependency on oil revenue makes it difficult to have future projection due to instability of the oil price in international market as the economy fluctuates in line with the price of oil.  The State is the highest producer of crude oil in the country without adding any value to it and no reasonable income is generated from industrial or agricultural sector.  The study discovered that the State is blessed with untapped mineral and agricultural resources.  The State has weak private sector.