ABSTRACT
The project on
the realities of privatization and commercialization on the Nigerian Economy is
an evaluation and digestion of the newly introduced system of privatization and
commercialization with an insight view on it’s effects, merits, demerits,
problems and prospects.
To achieve this
objective, the project is divided into three chapters and some preliminary
pages for classification.
Chapter one,
deals with the introduction by establishing the objective of the study, and
statement of problems, and giving definition of relevant term etc.
Chapter two, is
the theoretical framework of the project. It is divided into five sub-headings
for easy referencing. It consist of extracts, and information from related
literatures like newspaper, journals, textbooks etc. It forms the basis on
which the findings are deduced.
Chapter three, is
made up of the findings, conclusion and recommendation, that is the deduction
made at carrying out the literature review, and the researcher having been
through the project, were in a position to say few things on the effect and to
make recommendation based on the literature review.
TABLE OF CONTENTS
COVER PAGE I
TITLE PAGE II
APPROVAL PAGE III
DEDICATION IV
ACKNOWLEDGEMENT V
ABSTRACT VI
TABLE OF CONTENTS VIII
CHAPTER ONE
INTRODUCTION 1
1.1
BACKGROUND OF STUDY 1
1.2
STATEMENT OF PROBLEM 2
1.3
OBJECTIVE OF PROBLEM STUDY 3
1.4
SIGNIFICANCE OF STUDY 5
1.5
SCOPE AND LIMITATION OF STUDY 7
1.6
DEFINITION OF TERMS 8
CHAPTER TWO
REVIEW OF RELATED
LITERATURE 10
2.1
MEANING OF PRIVATIZATION AND-
COMMERCIALIZATION 10
2.2
ORIGIN OF PRIVATIZATION AND –
COMMERCIALISATION 14
2.3
PROBLEM FO PRIVATISATION AND –
COMMERCIALISATION 16
2.4
PROSPECTS OF PRIVATISATION AND –
COMMERCIALISATION
22
CHAPTER THREE
3.1
FINDINGS 26
3.2
CONCLUSION 28
3.3
RECOMMENDATION 28
CHAPTER ONE
INTRODUCTION
BACKGROUND OF STUDY
It might be
necessary to define from onset what privatization and commercialization means.
A functional
definition of privatization is the transfer of ownership of public enterprises
to private hands. This means that the government, which has the only or major
shareholder in these enterprises, would divest itself of its holding and pass
it over to the Nigerian individuals, associations and organization, to own and
manage in order to give the enterprises a new lease of life by turning them
around.
Commercialization
on it’s own simply means that the government, whilst retaining ownership, will
hands off the funding and management of these enterprises, leaving them to tend
for themselves with whatever expertise they may have with this arrangement.
STATEMENT OF PROBLEMS
The introduction
of privatization and commercialization on Nigerian Economy poses a lot of
questions in the inquisitive minds of most people as to the “Why†and “how†of
the introduction.
This brings about
reactions from various sectors of the economy. These reactions are the problems
this research work is going to face or address itself to.
WHY PRIVATISE?
The poor
situation of the nation’s economy has compelled the government and people of
this great country to continue to search for a better or viable solution. The
nation’s ailing economy has been brought about by a number of internal and
external factors which includes:-
a.
The oil and the concomitant decline in oil price;
b.
The unprecedent huge external debts into which the national
has been plunged;
c.
The depletion of our external reserves;
d.
The stagnation of the productive sectors of the economy and;
e.
The woeful failures of Nigerians in the caution well intentioned
national ideas.
OBJECTIVES OF STUDY
Based on the
statement of problem of the study, the researcher, intend to x-ray the
following issues as to clear the inquisitive minds of the public. The reform
which has two inter-related components privatization and commercialization has
the following objectives:
1a. To improve on the organizational efficiency
and reliability of our public enterprises.
b.
To minimize their dependence on the national treasury for
the funding of their organizations.
c.
To encourage share ownership by Nigerian citizens in
productive investments either than owned wholly or partially by the government;
and in the process to broaden and deepen the Nigeria capital market.
2. The adequacy of the administrative and
monitoring committee for privatization and commercialization.
3. To examine the reactions of the entire public
as represented by the various sectors of the economy to privatization and
commercialization.
4. To x-ray the problems and prospects of
privatization and commercialization.
5. To make recommendations on effective
administration of privatization and commercialization and also to make it
acceptable to the general public.
SIGNIFICANCE OF STUDY
This way this
project has been planned and carried out will offer enough information and
explanation to inquisitive minds. The project is armed to be beneficial to the
following and int eh following ways:
i.
The government
ii.
The financial sectors
iii.
The general public
iv.
The students
v.
The foreign interest group
vi.
The manufacturing sector.
i.
The Government: The programme of privatization and
commercialisation has relieved the federal government of what was the huge and
growing burden of financing the investment needs and operating deficits of
public enterprises. Such funds can now be diverted to other deserving areas
such as education or health.
ii.
Financial sector: Through this project, enough awareness
will be created so that the public’s attitude to the enhancing aim of
privatization and commercialisation will be achieved.
iii.
The general public: The research work will serve as an
orientation to many that have not known about the operation of privatization
and clear some questions in their minds.
iv.
The student: This research will offer a source of
secondary data collection for many research students.
v.
The foreign interest group: This will offer
foreigners the basis for comparism on the operation of privatization and
commercialisation with other countries.
vi.
The manufacturing sector: This project will create awareness to
all the manufacturing sector on how the burden and incidence of privatization
and commercialisation on the economy is being borne.
THE LIMITATIONS
In the course of
carrying out this project the researcher encountered some problems which
affected the project work in one way or the other. Some of the problems are:
a.
Inadequacy of Finance: According to economics, wants are
numerous but their ends are limited thus because of the limited financial
resources as a student and the economy of Nigeria, I was unable to make this
research a more standard one.
b.
Inadequacy of Data: Privatisation and commercialisation as
a new system of economy development in Nigeria is scarcely found in the
publications, thus the write up is based on the limited information from few
publications.
c.
Time constraints: Due to numerous courses we have to
cover and limited time we have and as such we had to combine our lecturers with
writing of the project. This has also affected the quality of the project.
DEFINITION OF TERMS
The communication
of facts, knowledge and ideas in any field depends on the understanding of the
terminologies or jargons used. And as such, below is the definition of some
relevant terms used in this project.
1.
Privatization: Is the transfer of public enterprises
to private hands.
2.
Commercialisation: it means the reorganization of public
enterprises into profit making.
3.
Private Company: A company with restrictions on the
number of shareholders, whose shares may not be offered to the general public.
4.
Private sector:
The part of a country’s economy owned, operated, etc, by private
individuals and firms.
5.
Public sector: Government financed industry, social
services etc.
6.
Implementation: To give effect, or perform the said
objectives.
7.
Investors: One who invests money.
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