Process Industries And Economic Development Of Akwa-Ibom State

Category
Process Industries

ABSTRACT

Process industries constitute the primary foundation for an industrial economy. They are responsible for the extraction and production of essential raw materials, and their subsequent conversion into goods (finished products) through chemical engineering concepts. These goods are typically directly consumed, exported or utilized for further manufacturing processes. Also, through technological innovations deriving from their Research and Development initiatives, they are known to “catalyze” economic transformation. This is why the leading global economies are generally known to have large scale and fully developed process industries.

Large deposits of natural resources abound in Akwa-Ibom State, including crude oil, natural gas, limestone, clay, salt, coal and various metallic minerals. The Government has made significant stride towards attracting investors for partnership to exploit these for further economic development of the state. This paper highlights potential opportunities for utilization and application of these resources through enhancement of existing process industries and development of new ones.

INTRODUCTION

An economy consists of the production, distribution or trade, and consumption of limited goods and services by different agents in a given geographical location. These agents can be individuals, enterprises, organizations, or governments, who through their economic activities transact goods and services at
agreed value or price, commonly expressed in a certain currency. The most common measure of the size of
an economy is the Gross Domestic Product (GDP), which is defined as the total value of the goods and services produced by the residents of a given nation during a specified period of time, excluding the value of net income earned abroad.

The most industrialized nations of the world are generally known to have the highest Gross Domestic Products. This is evident in the following charts (Figs 1&2) showing the trend in GDP per capita of some of the world’s leading and emerging economies. The charts show an increasing trend in income with industrialization for all the countries and regions.