PROBLEMS AND PROSPECTS OF PRIVATISATION AND COMMECIALISATION OF GOVERNMENT PARASTATALS IN NIGERIA.
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This topic, problems and prospect of privatization and commercialization of government parastatals in Nigeria is the attempt to help the general public to know about the privatization commercialization of government parastatals in Nigerian. Moreover, to enable the public to contribute their own quota in the privatization issue and find out the problems and prospect associated with the porgammes.
The chapter one deals with the introduction, the historical background of the programmes, and statement of problems objectives of study, significant of study, scope and limitation and lastly defination of terms.
In this project writing the chapters one from chapter one to five which give the view of what privatization and commercialization of government parastatals are all about.
TABLE OF CONTENT
- Background of study 5
- Statement of problem 13
- Objectives of the study 15
- Research questions 15
- Statement of Hypotheses (where appliable) 16
- Scope of the study 17
- Significance of the study 17
- Review of literature 19
- The concept of privatization and commercialization 19
- Reasons for privatization and commercialization 46
- Types of privatization and commercialization 50
- Objectives of privatization and
commercialization in Nigeria 52
- Functions of Technical common
on privatization and commercialization 54
- Benefits of privatization and commercialization 55
- Advantages of privatization and
commercialization in Nigeria 59
- Problems of privatization and commercialization 62
- Research Methodology 67
- Research Design 67
- Source of data 67
- Population for the study 69
- Determination of sample size 70
- Distribution scale 71
- the technique of data analysis 72
- Data presentation and Analysis 73
4.1 testing hypothesis one 88
- Summary of findings, Recommendations and Conclusion 93
- Summary of findings 93
- Recommendation 96
- Conclusions 99
- Limitation of the study 101
The key component of the federal Government Adjustment programme is the drive towards higher efficiency in the public sector. This necessitated the promulgation of privatization and commercialization Decree 25 in 1988 by the federal Government in which was reflected that government will divest it holdings in agricultural production, electrical appliances, hotels, foals and non strategic industries. Government will also reduce its holdings in banks insurance companies and other financial enterprises without losing control.
Privatization is thus, process of diversiting government ownership control and management of enterprises and agencies to private individuals and or groups of individual or business firms that are seeking their profit. This is transfer of government owned industries or parastatals to the private sector.
Hemmings aptly, described privatization as a laudable policy to help moderate the quantity of securities available for dealing on the stock exchange the described further as the transfer of ownership and control of assets from the public to private sector.
Commercialization on the other hand means that the signated enterprise will be excepted to generate enough revenue to cover their operation expenditure while government gives them capital grant to finance their capital intensive projects.
As a matter of feet, commercialization under the Decree 25 of 1988 on privatization and commercialization was defined as the re – organization of enterprises wholly or partly owned by the federal Military Government such that these enterprises shall operate as profit these making commercial ventures and without subvention from the federal Government.
The Government involving itself in business enterprises came as a result of predominance of state owned enterprises reflected a desire to control the economy after the colonial rule in the country.
The 1983 presidential commission on parastatals, examined the operating all the parastatals with a view to determine the basis for new funding scheme appropriate capital structure as well as incentive measured to enhance their productivity and general efficiency.
Following the commissioning, the year 1989 was earmarked was earmarked, the first year of implementation of the privatization and commercialization programme of the federal government of Nigeria.
It was firs announced in 1986 as part of the board efforts to reduce budgetary allocation to public sector efficiency and support the aim of fiscal balance. Divest holding will be taken care of to avoid it being conra-concentrated in the hand of few individuals.
In order to enable all interested citizen own shares in the private enterprises commercial banks were directed to grant credit facilities for the purchase of shares under the programme central bank of Nigeria programme 1989.
In the recent years, 2003 another step into privatization and commercialization has been taken by His excellency, Chief Olusegun Obasanjo, the president of the Federal Republic of Nigeria, as this has been a dream in the mind of Nigeria government for the post years, to invest profile an denounced political, social and economic development on a sustained basis. It is with this goals in minds, that it is realinging its policies and programmes to create the enabling environment for efficient government and put in place a viable private sectors. These public sectors include: NNPC, NITEL etc.
Consequently, there are reasons why government embarks on privatization and commercialization of parastatals such as: government desires to bring optimum efficiency into the industrial sector of the economy. This shows that government can work effectively achieve its social and development goals by reducing the widespread administration over commitment of the public sector and development relying on the managerial capacities of private individuals and firms which can respond to local needs, particularly in small scale industries.
Privatization is imperative for ramping over economy that has been characterized by typical problems of a state or country dominance over their economy which can be outlined as follows.
- Decline in real gross Domestic product.
- Deap seated corruption and political instability fueled by the concentration of wealth and power of the centre.
- Unfair shift of resources from the massiue public to the government causing widespread of poverty etc.
These problems which are connected in one – way or the other showed that a grant proportion of economic activity is controlled by inefficient government owned enterprises therefore accounting for the decline in GDP and slow rate of growth in the economy.
1.1 BACKGROUND OF THRESHING PRIVATIZATION AND COMMERCIALISATION
Government involvement in business enterprises in Nigeria and the predominance of state owned enterprises, reflected a desire to control the economy after wrestling political control from the colonialists enterprises and viable indigenous private sectors, the government had to move into the large empty spare left by society to take over the budding economy.
Government played a very important role in many areas of economic and industrial development. Moreover, provision of services is such areas of business like, insurance, petroleum manufacturing, shipping and banking where government acquired equity interests in twelve commercial and merchant banks. In all these, Nigeria had a rather bloated public sector with well over 1500 public enterpr