EFFECT OF PRIVATIZATION POLICY ON THE NIGERIAN ECONOMY

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RESEARCH INFORMATION

[icon type=”icon-pencil”]: EFFECT OF PRIVATIZATION POLICY ON THE NIGERIAN ECONOMY
[icon type=”icon-book”]: Chapter 1 – 5
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This study, EFFECT OF PRIVATIZATION POLICY ON THE NIGERIAN ECONOMY contains concise information that will serve as a framework or guide for your project work. The project study is well-researched for academic purposes and are usually provided in complete chapters with adequate References.

Keywords: EFFECT OF PRIVATIZATION POLICY ON THE NIGERIAN ECONOMY

RESEARCH BODY

TABLE OF CONTENT       

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

1.2     STATEMENT OF THE PROBLEM

1.3     OBJECTIVES OF THE STUDY

1.4     RESEARCH QUESTIONS

1.5     SIGNIFICANCE OF THE STUDY

1.6     RESEARCH HYPOTHESES

1.7     SCOPE OF THE STUDY

1.8     LIMITATION OF THE STUDY

1.9     DEFINITION OF TERMS

CHAPTER TWO

2.0     LITERATURE REVIEW

2.1     CONCEPTUAL CLARIFICATION

2.2     THEORETICAL FRAMEWORK

2.3     EMPIRICAL REVIEW

2.4     SUMMARY OF LITERATURE REVIEW

CHAPTER THREE

3.0     RESEARCH METHODOLOGY

3.1     INTRODUCTINTRODUCTION

3.2     RESESEARCH DESIGN

3.3     STUDY POPULATION

3.4     SAMPLE AND SAMPLING TECHNIQUE

3.5     DATA FOR THE STUDY: INSTRUMENTATION

3.6     METHOD OF DATA ANALYSIS

CHAPTER FOUR

4.0     DATA PRESENTPRESENTATATION AND ANALYSIS

4.1     INTRODUCTION

4.2     DATA ANALYSIS

CHAPTER FIVE

5.0     SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

5.1     SUMMARY OF FINDINGS

5.2     CONCLUSION

5.3     RECOMMENDATION

REFRENCE

APPENDIX

 CHAPTER ONE

1.0                                           INTRODUCTION

1.0                               BACKGROUND OF THE STUDY

Privatization is the transfer of a business, industry, or service from public to private ownership and control. The Nigerian-managed industries have suffered several managerial problems from time to time. This has greatly affected both the economy, employment level and livelihood of the nation.

Initially, industries managed by the Nigerian government have always been the best among other industries managed by private sectors. But a turnaround occurred in Nigeria leading to a drastic fall in the standard and strength of government industries.

Nigerian public enterprises have long been criticized for their inefficiency, politicization, corruption and absence of productivity. This is because, past and current political leaders have used these enterprises to favor their supporters through excessive employment, regionally targeted investments and deliberate underpricing of products or overpricing of inputs from politically connected suppliers. In the quest to proffer a solution to this economic problem, the Nigerian government, with the influence of international agencies such as the World Bank and International Monetary Fund (IMF) decided to engage in the privatization of its public enterprises with the hope of eliminating government interference in business enterprises and ensure increased efficiency of the utilities. However, in spite of the privatization of most public utilities in the country, the cases of inefficiency and political interference still persist. (Barnabas 2014).

Privatization and regulatory reform have been adopted by governments as the solution to the predicament of poor performance of formerly state-owned enterprises, and as the means to achieve improved economy (Pagoulatos, 2005). Also, to increase productive efficiency, competition has been introduced to activities where the idea of “natural monopoly‟ has been rejected. Hence, private sector involvement in the economic and business activities of developing nations/economies plays an increasingly strong role that may be considered stronger than that of the development agencies (Hodge, 2004).

One of the most debated economic policies in the developing world today is the privatization and commercialization of public enterprises in Sub-Saharan Africa, and its positive and negative implications both in the short and long run. Much attention has been drawn to the observation that although privatization and commercialization was a popular policy in the liberalization process in developing economies in post-cold war era, it has in many instances failed to translate to improved productivity and simulate the domestic economy (Obadan and Ayodele, 1988; Okanachi and Obutte, 2015).

The emergence of the crude oil industry in the Nigerian economy in the decade following the civic war with the associated oil-boom provided the financial motivation to government’s involvement and participation in the process of production, distribution and exchange as a pivotal part of the economy. The Nigerian Enterprises Promotion Decree of 1972 which came into effect on 1st of April 1974 with its subsequent amendment in 1976, provided a concrete basis for government’s extensive participation in the ownership and management of enterprises, as a result of this public enterprises both at the Federal, State and Local Government level’s exceeded 100 by 1985 and spread to every sector of the economy from agriculture , energy , mining, banking , insurance, manufacturing ,transport, commerce, oil and gas , telecommunication to service activities . Thus, a variety of enterprises with public interest in terms of majority equity participation or fully –owned by state and local government as well as other government entities became visible in various parts of Nigeria. In fact, between 1975 and 1993, it was estimated that the Federal Government of Nigeria had invested more than $100 billion in public enterprises (Federal Government of Nigeria, 1993).

The first legal framework that established the implementing agency of the privatization policy of the Federal Government of Nigeria was based on the promulgation of Decree No. 25 of 1988 by the General Ibrahim Babandiga’s military government (1985-93). The decree established a structure known as Technical Committee on Privatization and Commercialization of Public Enterprises (TCPC) with the sole responsibility to handle privatization of PEs in the country. The TCPC was renamed as Bureau of Public Enterprises (BPE) in 1999 by the democratically elected government of Chief Olusegun Obasanjo (Nwokoma, 2005).

The Nigerian government should actually do a feasibility study on which industry to private, because not all companies privatized will yield a good economic effect. Some government industries that has been privatized after independence include Aluminums Smelter Company (ALSCON), Nigeria Telecommunication Limited (NITEL), and National Electric Power Authority (NEPA) etc.

1.2       STATEMENT OF RESEARCH PROBLEM

Some of the problems facing public owned enterprise were high corruption, lack of transparency, inefficiency, ineffectiveness, inconsistency, and incredibility. The challenges appear to mark a caused drastic failure of some public enterprise like National Electric Power Authority (NEPA) and Nigerian Telecommunication (NITEL) and Nigeria Railway. In addition, the low performance of these enterprises, coupled with the pressure on the international monetary fund to fully implement structural adjustment program saw massive deregulation or privatization of public owned enterprise. Against this backdrop, this paper looks at whether privatization and commercialization in Nigeria were desirable through extensive theoretical review of the performance of privatized enterprises in Nigeria.

1.3   OBJECTIVE OF THE STUDY

The main objective of these study is to find out the effect of privatization policy on Nigeria economy specifically, the study intends to:

  1. Find out the causes of privatization policy in Nigeria
  2. Discover the effect of privatization policy on the growth and development of Nigeria economy
  3. Find out if there is any significance relationship of privatization policy on Nigeria economy
  4. To find out if the different between the privatized sector and not privatized sector

1.4   RESEARCH QUESTIONS

  1. What are the causes of privatization policy in Nigeria
  2. What is the effect of privatization policy on the growth and development of Nigeria economy
  3. Is there any significance relationship of privatization policy on Nigeria economy
  4. What is the different between the privatized sector and not privatized sector

1.5   SCOPE OF THE STUDY

The researcher shall focus on the privatized sector in Nigeria most especially the power sector, the research shall focus more on the development of the sector, the problem and the effect the sector has on the growth and development of Nigeria

1.6     SIGNIFICANCE   OF   THE    STUDY

 Very little is known about the privatization policy. Consequently, many people are yet to appreciate the reason and objectives of the policy. This research is significant in the following ways:

  • It will provide a guide on how the authority can improve its service of electricity to the consumers.
  • It will highlight means to improve PHCN customer relationship.
  • The study will also suggest ways by which the staff can be positively motivated in order to increase their productivity.
  • This study will recommend better method for recruiting the management staff that will be more dedicated to the service of the corporation.
  • Lastly these research will serve as a guide for other research work of the same field

1.7   LIMITATION OF THE STUDY

As the case usually is, there are certain limitations the researcher will be faced with in the cause of this work. One is in the area is finance for the general research. Apart from finance, also considering the fact that research work of this nature is often done within a time bound.

However, it is believed that these constraints will be checkmated by making the best use of the materials available materials and spending more than the necessary time in the research work, therefore, it is strongly believed that despite these constraint, its effect on this research report will be minimal, thus, making the objective and significance of the study achievable.

1.8       METHODOLOGY

Secondary sources of gathering data will be largely employed for our variables. This again will be based on content analysis, what these involves is the critical review of related materials, literatures, journals, magazines and textbooks, it will also involve sourcing or browsing the net for materials. Communication with authorities in the field will also not be overlooked.

1.9     KEY WORDS

Privatization: this is the transfer of a business, industry, or service from public to private ownership and control.

Economy: this is the state of a country or region in terms of the production and consumption of goods and services and the supply of money.

Industry: economic activity concerned with the processing of raw materials and manufacture of goods in factories.

Politics: the activities associated with the governance of a country or area, especially the debate between parties having power.

Keywords: EFFECT OF PRIVATIZATION POLICY ON THE NIGERIAN ECONOMY


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Keywords: EFFECT OF PRIVATIZATION POLICY ON THE NIGERIAN ECONOMY