Nationalization, Privatization And Commercialization Of Business

This simple means the taking over or acquisition of previously privately owned business enterprises by the government for ownership and control. This was what happened in Nigeria after the Nigerian – Biafra war in the early 1970s.  This means that, the formerly private owned primary and secondary schools were acquired from all the private individuals and organizations that originally started and owned them. Such takeovers may be carried out with or without any compensation to those initial owners and nationalization may be partial or total.