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THE IMPACT
OF PRIVATIZATION AND COMMERCIALIZATION ON NIGERIAN ECONOMY
CHAPTER ONE
INTRODUCTIONS
1:1 BACKGROUND OF THE STUDY
The ultimate goal of any credible and
legitimate government is to ensure sustained improvement in the standard of
living of the citizenry. Toward this end, the government usually evolves
development plans that will facilitate effective mobilization, optimal
allocation and efficient management of national resources.
In such efforts, priority is usually
given to the provision of development facilitators, such as transportation and
communications as well as social overhead, such as education and health.
Drawing on the successful experience
of most developed economies, all developing countries have also adopted a
similar development process.
In addition for several reasons, such
as the small size of the private sector, or for the so- called “security
reasons”, the development process had been largely dominated by the public
sector.
Available evidence suggests that this
public sector dominated process has not achieved the desired impact over time,
prominent among which is the lack of an inclusive framework on the consequent
alienation of the people from the public policy process. This, coupled with
recent development in the globalizing world, have precipitated the clamor for
comprehensive national economic reforms that will facilitate more efficient
macro economic management and thereby steer the economy back on to the path of
sustainable growth and development.
The major components of this reform
are the deregulation that augurs well for the promotion of a private sector-
led economy. This was informed by the assumption that the private sector is
more efficient in the allocation of resources, and that this level of efficient
will be enhanced in a competitive environment emanating from the deregulation of
the economy. This implies that the reliance on the market rather than the state
is the accepted antidote against the problem of under development in affected
economies. The privatization of state- owned enterprises (SOE), is the major
strategy for obliterating the culture of public sector domination of the
economy.
Nigeria is committed to following the
footsteps of several countries that have embarked upon the privatization of the
national economy. The scope of the nation’s privatization program covers
several sectors, including banking and finance, oil and gas, telecommunication,
manufacturing, hospitality and tourism, among others.
The privatization train has now
arrived into the utility sector and it is operating at varying degrees within
the sub-sectors therein. Given the criticisms that have trailed the
implementation of the privatization programs in other sectors, it appears
timely to evaluate the privatization process of the nation’s utility sector.
This with a view to ensuring compatibility of the new policy orientation with
the overall goal of poverty alleviation through wealth creation and sustainable
development, rather than focusing on
growth as an end by itself.
It will also facilitate a pro-active
framework towards ensuring a pro-privatization of the utility sector in
Nigeria, with special emphasis on power and telecommunication, which are
necessities for economic growth and
development.
1.2 STATEMENT OF PROBLEMS
Privatization and commercialization
of public enterprises is a vital tool for the upliftment of a country economy
more especially the developing countries like Nigeria. The problem facing
privatization and commercialization to the growth of Nigeria Economy will be
looked into: problems like corruption, lack of transtparency, lack of
accountability, inconsistency and incredibility.
However, it
is on these problem that hindered the
government to seen the growth on which commercialization and privatization
public sector would bring to Nigeria economy. In trying to look into the effect
of privatization and commercialization effect
to the growth of the economy and proffer a way forwards a positive state
of privatization and commercialization of public enterprises in Nigeria this
research work emanated.
1.3 OBJECTIVES OF THE STUDY
The broad objective of this research
work is to evaluate the effect of commercialization and privatization on issues
of economy growth in many companies, Private companies are looking for profit
and their objectives may diverge from the public interest. The arthodox
approach assumes that state and private sector are substitutable when it comes
to provision of goods and services, subject to appropriate regulation. While
this may be the case in the majority of products, divergent objectives have been
problematic when it comes to delivery of essential services.
The specific
objective is:
1. To evaluate the nature or the relationship
that exists between privatization of PHCN and Telecommunication of Nigeria.
2. To examine the impact of privatization and
commercialization sector on Nigeria Economy.
3. To offer some recommendations based on the
finding of the study.
1.4 RESEARCH HYPOTHESIS
The following hypothesis has been formulated
based on the objectives of the study and the statement of the problem stated at
follows:
H0:
commercialization and privatization have a positive effect to the growth of
Nigeria economy.
H1:
commercialization and privatization have no effect to the growth of Nigeria
economy.
1.6 SIGNIFICANCE OF THE STUDY
Privatization of public sector
enterprises is not new in Nigeria. Indeed, privatization was a key element of
the structural adjustment programme adopted by the Nigerian government in 1986
to stabilize the economy and position it, for sustainable growth. What is new
in the on-going privatization process is the courage and determination of the
government to extend to the utilities (power), airways, petroleum refineries
and the petrochemical plants.
It is a statement of fact that the private
sector is profit driven and this would undermine the rights of the populace to
basic amenities in the absence of adequate protection.
1.7 DEFINITION OF TERMS
Some definition of terms is used in the
study were as below.
a. Authority: It means power or right to give
order and make others to be obeyed.
b. Commercialization: This is concerned with
the reform of public enterpriser to achieve high efficiency and productivity,
without change of ownership.
c. Electric: This means all the phenomena
associated with electrons (negative charge) and proton (positive charge) the
study of these phenomena.
d. Privatization: This means transfer of ownership
of enterprise between the government and the private sector.
e. Problem: this stands for questions to be
solved or decided.
f. Public: the citizens of people of a
country.
g. Public enterprises: this means any
corporation, board, company or parastal, established by or under any enactment
in which the government federation has ownership or equity interest.
h. Strategic investor: it means a reputable
core investor or group of invertors having the requisite technical expertise, the
managerial experience and financial capacity to effectively contribute to the
management of the enterprises be privatized.
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