Industrialization and Socio-Economic Development in Akwa Ibom State: A Case of Lion Plywood Nigeria Limited (2015-2023)

Utibeabasi U. Ekpe, Ofonmbuk E. Atakpa, Edidiong E. Ukpong, Iniobong F. Akpan & Thankgod S. Etim

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Abstract

Though the Akwa Ibom State government has taken steps to solidify the industrial base of the state, most of the industries the State boasts of have not been able to generate premium results in the expected threshold. This paper analyzed the effects of industrialization on the socio-economic development in Akwa Ibom State between 2015-2023. Kaldor’s growth theory was adopted as the study’s theoretical foundation, using a survey research design approach while the Pearson moment correlation statistical tool was used to analyse data. It was found that there is a positive/insignificant correlation between industrialization and employment and a positive/insignificant correlation between industrialization and revenue generation in Akwa Ibom State. The study therefore recommended, among others, that the Akwa Ibom State government and the management of the company should adopt a more robust strategy by acquiring sophisticated machines to boost production, establish more outlets for sales and partner with private investors, as this will lead to efficiency and effectiveness in service delivery, enhance the production base of the company and expand the coast for more employment opportunities as well as improve the revenue generation base of the company.

Department of Public Administration
Faculty of Management Sciences
Akwa Ibom State University
Obio Akpa Campus

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