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THE IMPACT
OF PRIVATIZATION ON THE ECONOMY DEVELOPMENT
ABSTRACT
Nigeria’s
public policy thrusts over the years towards the socio-economic and political
growth, development and sustainability of the system is largely bereft with
abject lack of direction and vision. Hence, this research attempts a plethora
of Privatization and National Development. Problems of inefficiency and
mismanagement of public enterprise, has lead to the increasing desire for
government to turn public enterprises into private enterprises. As a result of
this outcome this project study is researching on the prospects on
privatization and how it is going to affect the economy. This research work is
carried out to also determine which public enterprise should be filly privatized
or partially privatized, how profit maximizing would be the private enterprise
be arid beneficial to the Nigeria economy. The study was conducted in Edo state
within the context of Benin Electricity Distribution Company (BEDC). This
comprises of the area in which the research study covered. The population of
this research work consists of 480 workers of the fully privatized company -
TABLE OF
CONTENT
Title
Page
ii
Certification
iii
Dedication
iv
Acknowledgement v
Abstract
vi
Table of
content
vii
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
1
1.2 Statement of the problem
2
1.3 Objective of the study
2
1.4 Research Questions 3
1.5 Statement of Hypothesis
3
1.6 Significance of the study
4
1.7 Scope and limitation of the
study
4
1.8 Limitation of the study
4
1.9 Definition of terms 4
CHAPTER TWO
REVIEW OF
RELATED LITERATURE
2.1 Introduction
6
2.2 The
concept of privatization 7
2.3 Method
of privatization
8
2.4
Objective of privatization
11
2.5 Benefits
of privatization
13
2.6
Privatization in Nigeria 14
2.7 The
impact of privatization on economic growth and development 16
CHAPTER
THREE
RESEARCH
DESIGN
3.1 Introduction
18
3.2 Research
design
19
3.3
Population of the study
20
3.4 Sample
size/sampling technique 20
3.5
Methods/sources of data collection 21
3.6 Methods
for data analysis
21
CHAPTER FOUR
DATA
PRESENTATION AND ANALYSIS
4.1 Introduction
22
4.2 Data presentation
23
4.3 Test of Hypothesis
32
CHAPTER FIVE
SUMMARY,
CONCLUSION AND RECOMMENDATION
5.1 Summary of findings 36
5.2 Conclusion
37
5.3 Recommendation
38
References 39
Appendix
42
Questionnaire
43
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 PROBLEMS
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?
1.5 RESEARCH
HYPOTHESES
HYPOTHESIS I
Ho: There is
no significant relationship between privatization and economic development
Hi: There is
a significant relationship between privatization and economic development
HYPOTHESIS
II
Ho: Poor
implementation of privatization programme does not hinder economic development.
Hi: Poor
implementation of privatization programme hinders economic development.
1.6 SCOPE OF
THE STUDY
The scope of
this research work focused strictly on the impact of privatization on Nigeria
economy using Benin Electricity Distribution Company (BEDC) as a case study.
1.7
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.
1.8
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.
1.9
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.
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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