CHAPTER ONE
1.1 INTRODUCTION
Recently the government feeling the mismanagement of our parastatals has been the subject of debate. It felt that some of these parastatals are performing below expectation. Some incurred huge debt, which are being repaid and serviced by the government. The government is also worried that substantial part of it votes were used to support public enterprise whose provision of goods and services were often expensive, inefficient and subject to political manipulation, which are over the years had resulted into a very weak economy.
In addition, the fact that this indolent performance of the government in the administration of public business establishment creates a situation in which national fund that could have been used for or better spent to generate a new economic activities and employment opportunity for its citizen are being use to subsides “dead wood that will never grow nor change” as analogy for the public enterprises. It is against the background of re-organising and making public enterprises more profit making that the government of president Olusegun Obasanjo, in his speech categorically declared to pursue a policy of privatization of government parastatals.
Privatization is most commonly defined as the relinquishing of part or all the equity and other interest held by the federal government its agencies in enterprise whether wholly or partly owned by the federal government. This means reduction of public sector intervention in the economic activities.
Taking a survey of the phenomenon of privatization, it will be discovered that it is not a new subject in the economic literature. Traced back to the end of 2nd world war, Britain embarked on a deliberate policy of nationalization of its basic industries with a view to enhancing efficient planning of the British economy and to ensure an un-interpreted flow of essential services and goods to the generality of the populace. But with the transfer of fourteen large companies and many smaller ones employing a total of about 600,000 people from public to private handover the first eight years. Britain is today a leader in the course of privatization of public enterprise with over 90 of the economy in the private sector. In the same vein in United State of America (U.S.A) who seems to be the most privatized economy in the world is still containing with the process.
In modern times too, privatization has also been extend to garbage collection, bore-hoe drilling, air traffic control and the like. Many other countries like Spain, Italy, Turkey are also involved in various degrees in the process of privatization and this is not an exceptional case with Nigeria.
Privatization is seen, to many observers as a panic measure, borne out of economic predicament. The debate on privatization has been on the presumed efficiency of the private sector with regard to the likely effect of the public enterprise and how the alter can be more responsive to market forces and signs. It is an undoubtful fact, in developing countries like Nigeria in particular, it has been realized that inefficient companies are typical drain on national treasures are that they contribute greatly to the enormous current debt problem.
Thus if efficiency can be elevated in relating to profitability cost and consumer satisfaction and the like, we consider privatization as the only solution. And to what proportion should factor of product and distribution be held by the state and private individual.
TABLE OF CONTENTS
Title
Approval
Dedication
Acknowledgement
Abstract
Table of content
CHAPTER ONE
1.1 Introduction
1.2 Purpose of study
1.3 Significance of study
1.4 Statement of problem
1.5 Research Question
1.6 Scope and Limitation
CHAPTER TWO
2.1 Literature Review
2.2 Comment of the Review
2.3 Nigerian Economic Problems
2.4 Ways of Solving Nigerian Economic problems
2.5 Privatization of NEPA
2.6 Strategies for successful privatization
2.7 Methodologies for effective privatization
2.8 Effects of Privatization
2.9 Hurdles of privatization of NEPA
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 Study Area
3.2 Source of Data
i. Primary
ii. Secondary
CHAPTER FOUR
4.1 Data Interpretation and Analysis
4.2 Testing of the Hypothesis.
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 Findings
5.2 Conclusion
5.3 Recommendation
5.4 Suggestion for future Research
Definition of Terms
References
Appendix
1.1 INTRODUCTION
Recently the government feeling the mismanagement of our parastatals has been the subject of debate. It felt that some of these parastatals are performing below expectation. Some incurred huge debt, which are being repaid and serviced by the government. The government is also worried that substantial part of it votes were used to support public enterprise whose provision of goods and services were often expensive, inefficient and subject to political manipulation, which are over the years had resulted into a very weak economy.
In addition, the fact that this indolent performance of the government in the administration of public business establishment creates a situation in which national fund that could have been used for or better spent to generate a new economic activities and employment opportunity for its citizen are being use to subsides “dead wood that will never grow nor change” as analogy for the public enterprises. It is against the background of re-organising and making public enterprises more profit making that the government of president Olusegun Obasanjo, in his speech categorically declared to pursue a policy of privatization of government parastatals.
Privatization is most commonly defined as the relinquishing of part or all the equity and other interest held by the federal government its agencies in enterprise whether wholly or partly owned by the federal government. This means reduction of public sector intervention in the economic activities.
Taking a survey of the phenomenon of privatization, it will be discovered that it is not a new subject in the economic literature. Traced back to the end of 2nd world war, Britain embarked on a deliberate policy of nationalization of its basic industries with a view to enhancing efficient planning of the British economy and to ensure an un-interpreted flow of essential services and goods to the generality of the populace. But with the transfer of fourteen large companies and many smaller ones employing a total of about 600,000 people from public to private handover the first eight years. Britain is today a leader in the course of privatization of public enterprise with over 90 of the economy in the private sector. In the same vein in United State of America (U.S.A) who seems to be the most privatized economy in the world is still containing with the process.
In modern times too, privatization has also been extend to garbage collection, bore-hoe drilling, air traffic control and the like. Many other countries like Spain, Italy, Turkey are also involved in various degrees in the process of privatization and this is not an exceptional case with Nigeria.
Privatization is seen, to many observers as a panic measure, borne out of economic predicament. The debate on privatization has been on the presumed efficiency of the private sector with regard to the likely effect of the public enterprise and how the alter can be more responsive to market forces and signs. It is an undoubtful fact, in developing countries like Nigeria in particular, it has been realized that inefficient companies are typical drain on national treasures are that they contribute greatly to the enormous current debt problem.
Thus if efficiency can be elevated in relating to profitability cost and consumer satisfaction and the like, we consider privatization as the only solution. And to what proportion should factor of product and distribution be held by the state and private individual.
TABLE OF CONTENTS
Title
Approval
Dedication
Acknowledgement
Abstract
Table of content
CHAPTER ONE
1.1 Introduction
1.2 Purpose of study
1.3 Significance of study
1.4 Statement of problem
1.5 Research Question
1.6 Scope and Limitation
CHAPTER TWO
2.1 Literature Review
2.2 Comment of the Review
2.3 Nigerian Economic Problems
2.4 Ways of Solving Nigerian Economic problems
2.5 Privatization of NEPA
2.6 Strategies for successful privatization
2.7 Methodologies for effective privatization
2.8 Effects of Privatization
2.9 Hurdles of privatization of NEPA
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 Study Area
3.2 Source of Data
i. Primary
ii. Secondary
CHAPTER FOUR
4.1 Data Interpretation and Analysis
4.2 Testing of the Hypothesis.
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 Findings
5.2 Conclusion
5.3 Recommendation
5.4 Suggestion for future Research
Definition of Terms
References
Appendix