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Akwa Ibom State, Nigeria.


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Akwa Ibom State of Nigeria

(Its Natural Endowment and Economy)

Akwa Ibom State has a land area of 8412km2 with a projected population of 3.5 million (2005). Its population grows at 2.83%, slightly higher than the 2.8% national average. Akwa Ibom State is compact and has a vast and promising resource profile including a growing population, vast agricultural and forest resources including oil palm, cassava, sea food, raffia palm, rubber, wood, citrus fruits, yam, cocoyam, kola-nut, cocoa, plantain, banana, etc. The State also has vast deposits of industrial minerals – silica sand, gravel, limestone, clay, sodium chloride as well as crude oil and natural gas that have given vent to massive hydrocarbon exploitation.

Akwa Ibom State - It's natural endowment and economyAkwa Ibom State is also strategically located in the Gulf of Guinea and provides a major natural outlet into the Gulf of Guinea, which has assumed immense economic and strategic importance globally. Indeed its 129km of coastline is the longest for any State in Nigeria and offers a fine window for tourism, marine transportation and aquatic resource exploitation for investments.


The State like most States in the Federation relies virtually (indeed almost exclusively) for its funding from the Federation Account, which accounts for well over 90% of its gross revenue annually. In the last seven years the State’s annual revenue from the Federal Account has increased considerably, despite the brief interregnum of the on-shore / off-shore dichotomy palaver.

Similarly, the state Internally Generated Revenue had also increased considerably. Tables 1 and II present the details of the States Internally Generated Revenue (IGR) and the Federally (State and LGAs) Collected Revenue in the last seven years. This huge inflow has significantly expanded the size of the state’s economy and these investments are represented in the state’s huge rising gross capital formation.

Table 1
Internally Generated Revenue (1999 – 2006)

Year Amount(N)
1999 0.979 billion
2000 1.860 billion
2001 3.380 billion
2002 1.886 billion
2003 2.499 billion
2004 2.411 billion
2005 4.373 billion
2006* 5.616 billion

  1. *As estimated 2006 Budget
  2. Source: State Ministry of Finance

Table 2
Federally Collected Revenue (Net Allocation)
Year State Amount(N) LGN
June / Dec. 1999 2.832 billion 1.38
2000 21.853 billion 5.6
2001 30.858 billion 6.3
2002 18.793 billion 10.6
2003 32.445 billion 13.37
2004 53.187 billion 17.59
2005 78.036 billion 20.76
2006* 82.236 billion 25.00*

  1. *Estimated
  2. Source: Federal Ministry of Finance


In the last seven (7) years, during which the State’s annual revenue profile has been growing, efforts have also been made to put in place an effective fiscal and budget management regime. Effectively, about 75% of the state’s gross annual revenue is now channelled into capital budgets. This is a deliberate attempt to create the enabling structures and institutions that will support private sector-led economic growth and development if the state must attain the highest level of development and emerge as a global player in the national economy. The details of the state’s Recurrent / Capital Budget ratio in the last seven years is presented in table 3.

Table 3

Percentage of Recurrent / Capital Expenditure (State)
Year % Recurrent % Capital
1999 68 32
2000 65 35
2001 63 37
2002 73 27
2003 65 35
2004 49 51
2005 38 72
2006 23 77

Source: Ministry of Economic Development.

"Source of Extract (Text):" Ministry of Economic Development, Akwa Ibom State (August, 2006).

Your support for Moses Essien as Governor of Akwa Ibom State 2007 is a support for a government that will harness the rich resources of Akwa Ibom State into great investments that will transform the State into one of the best in the World.

People’s Democratic Party (PDP)
Governorship Aspirant for Akwa Ibom State.

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People's Democratic Party (PDP)
Governorship Aspirant
Akwa Ibom State

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