PUBLIC ENTERPRISES AND THE SOCIO-ECONOMIC DEVELOPMENT OF AKWA IBOM STATE: A STUDY OF AKWA IBOM STATE PROPERTIES AND INVESTMENT COMPANY (APICO), 2015-2023.
Abstract
ABSTRACT
One of the interventions of government to take the commanding height of the nation’s economic development is the setting up of the public enterprise(s). In Akwa Ibom State, an axiom follows that public enterprises including the Akwa Ibom property and investment company (APICO) are being faced with the challenges of inefficiency and ineffectiveness vis-a-viz underutilization of housing development, infrastructural development Programmes, which drastically hampers on the development of the state. It is against this background that this study examines the impact of public enterprises and the development of Akwa Ibom State with focus on the Akwa Ibom Property and Investment Company (APICO), specifically understudying key areas including; housing development, road construction and maintenance as well as revenue generation as its objectives. Succinctly, this study was guided by three research questions and three research hypotheses. The new public management theory served as the theoretical framework of this study. Survey design was adopted for this study. The 2023 projected population of Akwa Ibom State amounting to 7,200,000 served as the valid population used in the study. Primary and secondary data were implored in the course of this study. The sample size was determined using the Taro Yamane formula at 0.05 level of significance which arrived at 400 as its sample size. Chi-square statistical tool was used in analyzing the data in order to ascertain the relationship of the identified variables. The findings revealed amongst others that the operations of APICO has commendably led to an accessible, affordable and improved housing development, road construction and subtle maintenance as well as revenue generation which has in turn boosted the development of the state. The study recommended amongst others that the state government should prioritize the expansion of affordable housing projects by APICO.
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