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THE IMPACT
OF PRIVATIZATION ON THE ECONOMY DEVELOPMENT
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
In the era
of post colonialism, Nigeria has at one time or another, embarked upon certain
policies that have political economic implications. For instance, from 1960 to
date, Nigeria has introduced indigenization and nationalization policy,
operation feed the Nation (OFN), Austerity measure, structural adjustment
programme (SAP), Deregulation of oil sector, Resource control Privatization and
commercialization of public enterprises to mention but a few. The critical
question here remains. How many of these policies have been able to restructure
the political economy of Nigeria to the tune of alleviating the yearnings and
aspirations of the working class.
The world no
doubt is moving towards capitalization and any nation that is not moving
towards this direction is seen as either not developing or even retrogressing.
A capitalist economy is a free market economy which allows most economic
decisions to be guided by the twin forces of demand and supply. Since
capitalization discourages monopoly but encourages competitive market, it
therefore enhances efficiency and high productivity which is very vital in any
developing country’s economy. In Nigeria, most government owned industries and
establishments remain citadels of corruption, studies in efficiency and consequently
a heavy drain on the economy. As a means of curbing this menace, the
Brettonwoods institutions (IMF & WORLD BANK) have advocated the twin
policies of privatization and commercialization.
1.2
STATEMENT OF PROBLEM
Privatization
and commercialization of public enterprises is a vital tool for the upliftment
of a country’s economy, more especially the developing countries like Nigeria.
Regrettably, the problems facing this privatization and commercialization
program is implementation of privatization policy and the administrator of
privatization and corruption.
However, it
is based on these problems that the basic propositions of this privatization
and commercialization program are being hindered. In trying to look into these
discrepancies and proffer a way forward towards a positive state of
privatization and commercialization of public enterprises in Nigeria, this
research work emanated.
1.3
OBJECTIVES OF THE STUDY
1. To determine the impact of
privatization on Nigerian Economy
2. To determine the post privatization effect
on Nigerian economy.
3. To make a comparative analysis of
what innovations the policy has brought into the economy.
4. To assess the factors that led to
the privatization and commercialization of these public co-operations and its
origin. Thirdly, this work will also evaluate the various privatization and
commercialization programs embarked by the Nigerian government from 1988 to
2010.
1.4 RESEARCH
QUESTIONS
This work
will tend to ask some relevant questions like:-
1. What are
the reasons why these public enterprises have to be sold despite the rationales
for its establishment?
3. Can these
corporations function well under the care of the state rather than being
privatized whether wholly or partly?
4. How far
has this privatized enterprises gone in boosting efficiency and high
productivity to benefiting Nigerians as a whole whether poor or rich, higher
place or less privileged?
5. Who are
the main beneficiaries of the privatization program?
1.5 SCOPE OF
THE STUDY
The scope of
this research work focused strictly on the impact of privatization on Nigeria
economy. Therefore, the area in which data were collected is within Nigeria.
1.6
LIMITATIONS O F THE STUDY
On the
course of this research, the following problems were encountered, like short
time frame. Financing problem, scarcity of information or data, etc. this is
due to mainly, the wide scope of this study which emphasizes on a complex
institution like Nigeria. Now, the
implication is that the short time frame mapped out for this research work
posed a problem of assessing these programs as whole, but that doesn’t threat
the authentication and quality of this work.
Again, enough
finance for the accomplishment of this work became a problem in the sense that
gathering information was costly, the researcher needed enough money to gather
them.
1.7
SIGNIFICANCE OF THE STUDY
This
research work will help the government and readers to understand those benefits
that privatization embodies which we have neglected and politicized with in the
past. In understanding this on the side of the government, it will allow them
to rethink and work towards real implementation of it thereby creating a room
for the rapid growth and development of Nigerian economy. On the other hand, it
will go a long way to create an avenue for more academic research.
1.8
DEFINITION OF TERMS
PUBLIC
CORPORATIONS: Public corporation or enterprise as defined by Adamolekun (1983),
are organizations that emerged as a result of government acting in the capacity
of an entrepreneur. They can be seen as those corporations or enterprise built,
owned and managed by the government.
PRIVATIZATION: This is a programme of divesting government
interest, ownership and control of certain public enterprise and transferring
same into the hands of private sector economic units which can be done in full
or in part.
FULL
PRIVATIZATION: This means divestment by
the federal government of all its ordinary shareholding in designated
enterprise. Particularly affected are
enterprises which produce goods that are not essential in nature.
PARTIAL
PRIVATIZATION: This means divestment by the federal government of part of its
ordinary shareholding in designated enterprises.
MONEY
MARKET: This refers to an arrangement
whereby short term borrowers (deficit economic unit) short-term lenders
(surplus economic unit) are brought into contractual.
COMMERCIALIZATION: This means the reorganization of enterprises
wholly partly owned by the federal government in which the commercialization
enterprise shall operate as profit making commercial ventures and without subvention
from the governments.
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