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Advantages Of Privatization In Nigeria

7880 Words32 Pages

This paper examined the activities/policies of privatization and commercialization of public enterprises in Nigeria and how they have affected the development of the Nation. Although, some of the problems facing public- owned enterprise were examined as well. It looked at the pressure on the International Monetary Fund (IMF) to fully implement the structural adjustment programme which leads to massive deregulation, privatization and commercialization of public owned enterprises. Also, it looked at the merits if any, of privatization and commercialization through extensive theoretical review of the performance of private enterprise in Nigeria. Theories, rationale and challenges of privatization and commercialization were addressed. The conclusion was that privatization is a good policy measure which must be pursued with vigor, truth, sincerity and transparencies even though government is using such policies to foster a new division of labour between the public and private sectors in a bid to order, increase the efficiency and contribution to development of both sectors. Privatization and commercialization in Nigeria will be a mirage unless institutional reforms take place. Government should create an environment favorable for private economic activity. This can be done by showing zero tolerance for corruption, nepotism and misuse of public funds and property by both government and non government officials. Introduction Historically, the concepts of privatization and

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