TABLE
OF CONTENT
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF PROBLEMS
1.3 OBJECTIVES OF THE STUDY
1.4 RESEARCH QUESTIONS
1.5 HYPOTHESIS
1.6 SCOPE OF THE STUDY AND LIMITATION OF STUDY
1.7 LIMITATIONS O F THE
STUDY
1.8
SIGNIFICANCE OF THE STUDY
1.9
DEFINITION OF TERMS
CHAPTER TWO
LITERATURE REVIEW
2.1 ORIGIN AND EVOLUTION OF PUBLIC CORPORATION IN
NIGERIA
2.2 REASONS FOR THE ESTABLISHMENT OF PUBLIC
ENTERPRISES
2.3 RATIONALE FOR PRIVATIZATION AND
COMMERCIALIZATION IN NIGERIA
2.4 PRIVATIZATION AND COMMERCIALIZATION PROGRAM IN
NIGERIA
2.5 TECHNICAL COMMITTEE ON PRIVATIZATION AND
COMMERCIALIZATION ACT OF (1988) (TCPC)
2.6 BUREAU FOR PUBLIC ENTERPRISES ACT OF 1993.
2.7 PUBLIC ENTERPRISES PRIVATIZATION AND
COMMERCIALIZATION ACT 1999.
2.8 POLITICS OF PRIVATIZATION IN NIGERIA
2.9 PRIVATIZATION AND COMMERCIALIZATION EXERCISE
FROM 1999 TO 2010
2.10 THEORETICAL FRAMEWORK
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 AREA OF THE STUDY
3.2 POPULATION OF STUDY
3.3 SAMPLE SIZE
3.4 SAMPLING TECHNIQUES
3.5 INSTRUMENT OF DATA COLLECTION
3.6 METHOD OF DATA ANALYSIS
CHAPTER FOUR
DATA PRESENTATION AND
ANALYSIS
4.1 DATA PRESENTATION
4.1.2 DATA ANALYSIS
4.2 DISCUSSION OF FINDINGS
CHAPTER FIVE
5.0 SUMMARY OF FINDINGS
5.2 CONCLUSION
5.3 RECOMMENDATION
REFERENCES
APPENDIX
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. Incidentally, Nigeria has
fully adopted this policy and is embarking on it with frenzy
1.2 STATEMENT OF PROBLEMS
Privatization and commercialization
of public enterprises is a vital tool for the upliftment of a country’s
political economy, more especially the developing countries like Nigeria.
Regrettably, the problems facing this privatization and commercialization
program is numerous to include:
a.
Corruption
b.
Lack of transparency
c.
Lack of accountability
d.
Inconsistency and
e.
Incredibility.
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
This paper will take a general look
on the evolution of public enterprises in Nigeria, after and the rationale for
its establishment. 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. Finally, it is
the objective of this research work to fish out those problems that have
obstructed the full propositions of privatization and commercialization program
as it concern its implementation and as well proffer a way towards actualizing
its objectives so as to foster political cum economic growth and development of
this highly endowed country Nigeria.
1.4 RESEARCH QUESTIONS
This work will tend to ask some
relevant questions like:-
1.
What caused the evolution of the public enterprises in Nigeria?
2.
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 and commercialization
program?
1.5 HYPOTHESIS
a)
Corruption is the cause of the poor performance of the public corporations
b)
Good and transparent governance is the key to an efficient public enterprise
c)
A well implemented privatization and commercialization programs boosts
political economy of a country.
d)
Politicization of privatization and commercialization of public enterprises
will lead to theses enterprise inefficiency when sold out.
1.6 SCOPE OF THE STUDY AND LIMITATION OF STUDY
The scope of this research work
focused strictly on those privatization and commercialization programs that
have been embarked upon by Nigerian government from 1988 to 2010. This work
will lead us to the evolution of public enterprises in Nigeria and also examine
why they later turned out to be sold or privatized, partly or wholly. Finally,
to analyze how politics been played by past administrations since 1988 towards
this programme have ridicules this whole exercise.
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. The longer
duration of the subject matter to study, which dates from 1988 to 2010
concerning privatization and commercialization program of public enterprises in
Nigeria, also contributed. 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 financing of 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 and
commercialization programme 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 this country. At the
other hand, it will go a long way to create an avenue for more academic
research.
Haven known this, it is worthy to
conclude that the main beneficiaries of this study lies on the government and
other readers respectively.
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. They are being financed with public fund,
especially through taxation and also operate on monopoly.
PRIVATIZATION:
Privatization
can be defined as the transfer of ownership and control of enterprises from the
state to the private sector. Iheme, (1997) defines privatization as any of a
variety of measurers adopted by government to expose a public enterprise to
competition or to bring in private ownership or control or management into a
public enterprises and accordingly to reduce the usual weight of public
ownership or control or management.
Commercialization:
Commercialization is act of making government owned enterprises profit
oriented. Commercialization can be full or partial according to the Bureau of
public enterprises Act of 1993. In both full and partial commercialization, no
divestment of the federal Governments shareholding will be involved and subject
to the general regulatory powers of the federal Government.
Capitalism:
Capitalism means the economic system in which property is privately owned and
goods are privately produced. It is some times referred to as the private
enterprise system. It is the private ownership of the business of a society
with the freedom of private owners to use, buy and sell their property or services
on the market at voluntarily agreed prices and terns, with only minimal
interference with such transactions by the state or other authoritative third
parties.
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