Clarion University of Pennsylvania, Clarion, Pennsylvania
Abstract
Akwa Ibom State – Nigeria’s leading oil bearing state – is populated with over four million people, 72 percent of whom live below the poverty line. The state which is the 7th poorest nationwide, and the poorest in the South-South region of the country is usually referred to as a civil service state due to the absence of industrial activities in the area. Most salary earners in the state are employed in the civil service. This study was carried out to determine the causes of the underdevelopment of entrepreneurship in the state, as well as strategies that can be employed to stimulate private sector activities. Two hundred indigenous entrepreneurs were included in the study which took a survey design. Data were collected with the use of a questionnaire. The findings of the study show that inadequate capital, lack of experience, noncooperation among entrepreneurs, and inadequate governmental support were the major causes of the underdevelopment of the private sector in the state. It was recommended that a special business enhancement agency to fast-track private sector development in the state should be established by the government. Keywords: Economic development strategies, Infrastructural development, Private sector, Development, Indigenous entrepreneur
