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PROJECT TOPIC : ECONOMIC IMPACT OF PRIVATIZATION AND COMMERCIALIZATION POLICIES ON THE NIGERIA ECONOMY

PROJECT TOPIC : ECONOMIC IMPACT OF PRIVATIZATION AND COMMERCIALIZATION POLICIES ON THE NIGERIA ECONOMY

ABSTRACT

This study attempts at investigating the economic impacts of privatization and commercialization policies on Nigerian economy. The choice of this topic is by the belief that privatization and commercialization policies will enhance efficiency in most public enterprises. To accomplish the objectives of this study a number of statistical hypotheses were postulated.

And commercialization would led to economic and technical to increase in prices. It is also observed from the analysis of the data that privatization and commercialization will lead to abdicating national security.

 

CHAPTER ONE

INTRODUCTION

1.1BACKGROUND TO THE STUDY

The economic structure of Nigerian since the mid 1970s was based mainly on the oil sector, which provided over 90 percent of total government revenue.

Before the emergence and inception of crude oil into the Nigerian economy, emphasis was on the private sector, for instance, the policy package of the first National development plan was to stimulate the development of a vibrant private sector with marginal public participation in the productive activities. But in an effort to speed up development and to compensate for the lack of an active private sector the government came to play a very active role in economic development.

The government did not only develop and finance necessary physical and human infrastructure but also invested direct in productive activities through state owned public enterprises.

By the beginning of the third National Development plan; the public sector had a domineering economic role in Nigeria. The number and variety of these public enterprises steamed from the general thinking that it is to public enterprises that is assigned the greater part of the task of laying the basis upon which the structure of a dynamic and diversified economy is to arise.

But over the years the growth of the public sector activity was not accompanied by sustainable economic growth rate anticipated by the planners, or policy makers.

Thus in the wake of the world economic recession of the early 1980s, due to the oil glut in the world market, prices of oil declined. This decline in oil price led to a decline in oil revenue available to the government.

Consequently, the country could no longer support the economy, so in that case, government was forced introduced the structural Adjustment Programme (SAP) in 1986, which aimed at correcting the imbalance in the economic development of the country. The first categories official statement on privatization and commercialization was made by the former head of state “Ibrahim B. Babangida” in his January 1986 Budget speech.

In 1988, the government enacted the privatization and commercialization. Decree No. 25 clearly emphasized the importance of a new economic development base on  minimum involvement of government in public enterprises  decisions and disengagement of government subvention in public enterprises  (privatization and commercialization).

To this, much attention has been given by way of proposal, debates seminar and even symposia all over the country. Many public enterprises in Nigeria, which suffer from inefficiency and political manipulations, are being privatized commercialized to enhance efficient and proper management. The problem has been whether to privatize or commercialize strategic public utilities.

While many speak strongly in favour of privatization and commercialization, others dismissed the whole idea, they rather prefer government to continue supporting those public corporations utilities and in support of their argument; with series of examples as government being the greatest  employer of labour and the most effective means of ensuring economic equality of the citizens.

PROJECT TOPIC : ECONOMIC IMPACT OF PRIVATIZATION AND COMMERCIALIZATION POLICIES ON THE NIGERIA ECONOMY

The factors militating against this argument is the fact that, no economy. In this world is without some setbacks. It is essential to note that privatization and commercialization has actually served as a penance for some ailing parastatals but continued use as the only recognized solution correcting inefficiency in the economy.

1.2 STATEMENT OF PROBLEM

Within the past 15 years, successive government in Nigeria had taken steps to boost the performance of public enterprises  through provision of fund and organizing workshops for the management of these enterprises to enhance their performance.

The economic impact of privatization and commercialization on the Nigeria economy have attained such an height that Nigerians find it handy discussion almost every time inefficiency occurs in public enterprises.

The study therefore, intends to find out whether the privatization and commercialization   of public enterprises has the prospects of improving performances in these public enterprises.

1.3. OBJECTIVE OF STUDY

The objective of this study is as follows:

(1) To find out whether the Nigerian privatization and commercialization policies will enhance efficiency.

(2) To investigate the attitude of Nigerians towards privatization and commercialization policies.

(3) To determine the extent to which the Nigeria privatization and commercialization policies will affect the Nigerian economy.

(4) To determine whether the Nigerian privatization and commercialization policies has a tendency of abdicating national security.


1.4  SIGNIFICANCE OF STUDY

This study is expected to be of great importance to economists and other scholars interested in this as an area of study and also policy maker’s bodies in governance as well as researchers. It will also keep Nigerian populace informed about the economic impacts of privatization and commercialization of public enterprises in the economy.

1.5  SCOPE OF THE STUDY

The researcher’s work will cover the period 1980 to 2000 because information within this period are found more recent and relevant, for the researcher’s purpose

1.6  HYPOTHESIS OF THE STUDY

The hypothesis are as stated below:

Ho: b1 = 0 Null hypothesis.

Hi: b1 = 0 Alternative hypothesis.

Ho: b1 = 0: Privatization and Commercialization of public enterprises does not have economic impact on the economy.

Hi: b1 = 0: privatization and commercialization do have economic impact on the Nigeria economy.

1.7 LIMITATIONS

In the course of this study the researcher had to content with the understated problems.

  • Time constraint: The stipulated time frame for this study was not enough that is, the time is considered two short for a topic as wide and interesting as this to be adequately and effectively handled.
  • Academic constraint: for the fact that this research work was carried out by a student researcher and as such, the researcher had to combine some with his studies.
  • Financial constraint: This is another problem encountered during the process of this research work. None availability of adequate finance was a truge hindrance towards effective execution of impending the researcher’s efforts.

PROJECT TOPIC : ECONOMIC IMPACT OF PRIVATIZATION AND COMMERCIALIZATION POLICIES ON THE NIGERIA ECONOMY

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