THE IMPACT OF PRIVATIZATION AND COMMERCIALIZATION ON THE NIGERIAN ECONOMY
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
BACKGROUND OF THE STUDY
To be able to transform into an industrialized economy an underdeveloped economy has to privately and commercially develop. The importance of establishing public enterprises or corporations began during the 19th century with the British Telecom in 1884 under the telecommunication act and gained a worldwide support in Britain. Thereafter several nations particularly those in Africa, have come to embrace the principle as a way of eliminating low performance and inefficiency in the public sector. Following the trend, the Nigerian economy has come to embrace privatization as a cardinal principle of the state‟s economic policy. Over the years, the Nigerian government has encouraged the development of the public sector since independence in 1960 and particularly 1970s but has not been successful because government owned industries and establishments remain citadels of corruption, studies in inefficiency and consequently a heavy drain on the economy. As a means of combating this menace, the (IMF) international monetary fund and World Bank have advocated the twin policies of privatization and commercialization. Incidentally, Nigerian has fully adopted this policy and is embarking on it with freazy, for example, Nigeria Brewery change from the most inefficient and less making company before privatization to one of the most profitable businesses in Nigeria. Nigeria has more than 1,800 public enterprises at federal and state level which can be categorized as follows: (1)Strategic industries such as petroleum and petrochemical, fertilizer plant, ion steel. Public utility providing infrastructural services. Economic/commercial enterprises such as manufacturing of consumer goods, insurance, bank and hatotoic . And Department / stationary boards designed to serve specific social or development roles as university and research institutes (Ake 1981). The major purpose and reason for the introduction of the privatization and commercialization programs in the country was a result of the failure of public enterprise in the economy the need to reduce dependency of public enterprise on government/public purse and the urge to increase efficiency in public enterprise whose inefficiency was causing the governmental considerable embarrassment are shown. The purpose of improving national economic is to improve the quality of the life the people and not to create easy avenues for foreign exploitation. Nigeria believes fully in international trade and relations provided they make life of Nigerians better. Mainly IMF and world bank prescriptions have been fully tries Nigeria in SAP (structural adjustment program)in the last two decades but, they have made Nigeria much Poorer and miserable. No nation surrenders the bastions of its economy to foreigners without adequate control except in colonial rule. If government wants deregulation it must be in accordance with the deregulation as emaciated by the ordinary people, private sector, while the public is expected to create right environment for growth and set the policy frame works.
Related Project Materials
ASSESSMENT OF HIGHWAY ROAD TRAFFIC CRASHES IN KADUNA STATE, NIGERIA
ABSTRACT
Highway Road Traffic Crashes (HRTC) is a global phenomenon that affect all strata of human life, which have become a reoccurring...
EFFECT OF TREASURY SINGLE ACCOUNT ON MANAGEMENT OF PUBLIC FUNDS (A case study of federal establishment in Ekiti state)
Abstract
The government is responsible for accountability to its citizens by providing effective and efficient services....
NEWSPAPER COVERAGE OF DRUG ABUSE IN NIGERIA (A CASE STUDY THREE SELECTED NEWS PAPERS)
Abstract
The purpose of the study was to investigate newspaper coverage of drug abuse in Nigeria. The study sought to pr...
PHYTOCHEMICAL AND ANTI-INFLAMMATORY STUDIES OF N-BUTANOL SOLUBLE FRACTION OF THE METHANOLIC EXTRACT OF THE AERIAL PARTS OF INDIGOFERA HIRSUTA LINN (LEGUMINOSAE)
Abstract
Indigofera hirsuta Linn. (Leguminosae) is a well-known plant used in African traditional medicine as an anti-inflammatory, antib...
THE CAUSES AND EFFECTS OF POOR READING HABIT AMONG SECONDARY SCHOOL STUDENTS IN OREDO LOCAL GOVERNMENT AREA OF EDO STATE
ABSTRACT
The purpose of this study was to find out the causes and effect of poor reading habit among secondary school st...
CHALLENGES AND PROSPECTS OF POS BUSINESSES IN NIGERIA
BACKGROUND OF THE STUDY
With the increasing use of advanced electronic technologies for e-funds worldwi...
KNOWLEDGE, PERCEPTION AND ATTITUDE OF SECONDARY SCHOOL STUDENTS TOWARD HEPATITIS
ABSTRACT
This study examined the knowledge, perception and attitude of secondary school stud...
ANALGESIC, ANTI-INFLAMMATORY AND ANTI-CONVULSANT ACTIVITIES OF STEM BARKEXTRACT OF Erythrophleumivorense(A Chev) IN RATS AND MICE
ABSTRACT
Erythrophleumivorense isused in traditional medicine for the treatment of convulsion, swellings, body pain and as emetic agents....
ASSESSMENT OF PHYSICAL AND MECHANICAL PROPERTIES OF AGGREGATES
ABSTRACT
This study investigates the compliance of the physical and mechanical properties of granites p...
THE EFFECT OF ENDSARS PROTEST ON THE GROWTH AND ECONOMY OF NIGERIA
ABSTRACT
The project on the effect of endsars protest on the growth and economy of nigeria. The project aimed at investigati...
