THE ROLE OF PRIVATE SECTOR TOWARDS ECONOMIC DEVELOPMENT OF AKWA IBOM STATE A CASE STUDY OF INTERNATIONAL MANAGEMENT OF FINANCE INSTITUTE, IMFI, UYO
Private revolution unlike the public revolution is gradually making rapid changes in the society. However, it is imparting more quickly than public revolution. Private sectors are owned and managed by individual or group of people that are non-governmental sectors private organizations have been around right when trade by barter began, the craftsman and the peddle giving pre-degree to today’s manufacturing and store keeping and there is no reason for them not to be with us for long time to come.
On the years, there has been proliferation of private sector and they have span through all factor of our economic life. But equally, private sectors have demonstrated an unquestionable historic persistence; they have also suffered a fair bit of persistence of historic questioning.
This study will focus on the positive contribution of the private enterprise to the growth and development of the economy of the state. The impact they create will be analyzed in the area of the employment generation of income and income redistributions, poverty alleviation and general well being of the populous
Private organizations are trying to pull Nigerians out of the present economic menace, if private sector has done well in Japan, India and South Korea. It will also improve the economics of Nigeria, most especially now that Nigeria economy has begun to change for better and the environment is now conducive for many form of investment. It is against this background that this research work is carried out with its basic focus on the private sector in the economy development of Nigerian even that of Akwa Ibom State which the international management and finance institute (IMFI) would be taken as the case study.
1.1 Historical Background of the Study
The International Management and Finance Institute (IMFI) was established in 1998 as an authoritative professional tertiary institute to prepare candidate for internationally recognized professional examination such as those conducted by ICAN, NIM, CIBM, CILPAN, CISCO, IBM Microsoft etc. Thus, the institution main a collaboration relationship as a training and examination centre for such professional bodies as well as for Universities in Nigeria and abroad. The institution was granted formal approval by the ministry of education with inter ref. No. MOE/ SEC/ PUI/ 93/ UOLI/ 85 of 6th April 1995 founded by Sir Sunday U. Akpan
KJWFCIN, IMFI, the institute is duly accredited institute by centre for management development as a human resource development (HRO) of recent, IMFI obtained approval to operate as an innovation enterprise institute by the federal ministry of Education. IMFI is been enlisted in the polytechnic jamb brochure.
IMFI focus on empowering managers and professionals to be globally competitive and excellence driven such that they command clear advantages in seeking for positions in multi- national established like shell, Exxon – Mobil, NNPC, Unilever, IBM Microsoft, and Cisco etc.
1.2 Statement of the Problem
In any organization of this nature, there are problem that if tackled (dealt with) will help improve the quality and standard of any organization which are as follows giving a post of responsibility to an incompetent staff who will not be able to establish his/her responsibility effectively, infrastructural amenities, e.g. power supply, financial aid and fund to its staff not having the interest of contributing to the development of the entire economy and inadequate decision making and mismanagement of economic resources.
1.3 Objectives of the Study
The objectives of the study are:-
- To make a systematic assessment of the role of private sector with a view of finding out to what extent are err.
- It is also aimed at unavailing the cause of such problem or the contributory factors, the general and specific effect of the problem of private sector.
- To suggest strong measures towards improving the private sector of the economy.
- To identify and examine critically the problems encountered.
1.4 Scope of the study
This research work was restricted to the role of the private sector towards the economic development of Akwa Ibom State using the International Management and finance institute (IMFI) as reference point.
1.5 Significance of the Study
The significance of this study are as follow:
- The study will help an organization to work hand in hand in contributing to the economic development of the state
- The study will also provide useful information to the government to know how and where to encourage members of an organization/sector
- It will eliminate and curb the act of false decision making and mismanagement of scare resources to create awareness on the role of private sector towards economic development in the state.
1.6 Research Questions
Based on this study the following questions were made:
- Is there any vital role played by IMFI towards economic development of Akwa Ibom State?
- Is there any performance assisted by government in the private sector towards economic development of the state?
- How do the management of that institution empower youth?
1.7 Research Hypothesis
Ho: There is no significant relationship between private sector and economic development of Akwa Ibom State.
Hi: There is a significant relationship between private sector and economic development of Akwa Ibom State.
Ho: There is no significant relationship between encouraging the private sector and the effective performance of the responsibilities.
Hi: There is a significant relationship between encouraging the private sector and the effective performance of the responsibilities.
Ho: There is no significant relationship between lack of encouraging in economic development of the state.
Hi: There is a significant relationship between encouraging the private sector and the effective performance of the sector.
1.8 Limitation of the Study
Factors that impeded in this study include: –
The time which was not sufficient enough couple with other academic activities was one of the limitations of this study. Considering the economic trend of the country lack of finance was another factor. This research work wouldn’t have been accomplished if there was no money to browse, to pay transport faire, to type, to mention but few.
Another factor was lack of materials and high cost that is associated in obtaining materials. However, in all these, the researcher was able to do justice to the study within the limit of the constraints enumerate and ensure that the work obtained a reasonable level of quality.
1.9 Definition of Terms
- Private Sector: – this is the sector of the economy that is mainly occupied, owned and controlled by private investor. By Cassore (1988)
- Roles: – it involves a set of expectation on how the occupant of a particular position of an organization ought to behave. It is also the duty or responsibilities which an individual or organization should discharge.
- Economic Development: – this is taken to be growth plus change minus changes in structure and its political structure. By Onuoha (1996).
- Privatization and commercialization: – this is the concept used by the federal or state government of Nigeria in its current exercise of sell out some of the share of its enterprises or co-operation to individual as well as making for them to be profit oriented. While commercialization are organization which would be paid for the service.
Privatization: – this is a system in government sold