Etim EtimA boom is returning to the construction industry in Akwa Ibom State, thanks to the over 32 projects currently ongoing or soon to be flagged off by Gov. Umo Eno. No fewer than 6,000 workers would be employed in these projects for which over N600 billion was voted in the 2025 Appropriation Bill. But to realize the full multiplier effects of these investments, the government must award some of the projects to indigenes of the state and mandate the construction companies to buy materials from Akwa Ibom building material markets.
Gov. Umo Eno has recently asked Akwa Ibom people who have experience in construction to register their businesses on a portal that will open on Monday so that they could be part of the construction boom in the state. This is quite commendable. An increase in government spending on infrastructure projects leads to an increase in economic activity, creating a multiplier effect.
Join our WhatsApp ChannelBesides, construction plays an important role in contributing to the GDP of an economy. It creates jobs, both directly and indirectly, and this boosts consumer spending. Construction activity also stimulates demand for building and construction materials, services and labour. It also adds to the stock of infrastructure in the economy, and this improves efficiency and productivity. For this reason, I commend Pastor Umo Eno for the huge investments in such a wide variety of projects covering many sectors: tourism; education; transportation, media, health, aviation, etc.
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Among the projects under construction are Senior Citizens Centre; Command and Control Center; Convention Center; ARISE Leisure park; General Hospital; Judiciary Staff quarters; schools; AKBC Headquarters; Renal/Dialysis Center; AKICORP Building and Ibom Hotels, Abuja. Others include NUJ Auditorium; EXCO Clinic; Mother & Child Hospital; Aviation Village; renovation of House of Assembly and many others. There are also various road projects under construction across the state.
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I’m particularly excited that the government is not resorting to borrowing to finance these projects, as there’s adequate cash coverage for them. Indeed, this is the first time since 1999 that the state’s indebtedness is actually falling as the government is not only not borrowing, but is actually paying down.
It is notable that the MSMES (micro, small and medium enterprises) is also receiving attention. Part of the series of town hall meetings that is kicking off on Saturday, March 8, will include provision of N2 billion in grants to farmers and small businesses in the communities to be visited by the governor.
Etim Etim
ETIM ETIM is a journalist, banker and author. He has been a member of the Editorial Board of The Guardian, a Regional Manager in Access Bank and is currently a Columnist in Prime Business Africa, The Cable and Businessday newspapers.
He is also the Chief Executive of Stein Meyer Communications, a major media consultancy and the author of the best-selling book, "Akwa Ibom Heroes: Inside Story of the Fight for Abrogation of Onshore-Offshore Oil Dichotomy" and co-author of another book, "Osinbajo Strides: Defining Moments of an Innovative Leader".
