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The Impact Of Privatization And Commercialization On The Nigerian Economy
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1.8 DEFINITION OF TERMS
PRIVATIZATION AND COMMERCIALIZATION
Privatization can be defined as the transfer of ownership and control of enterprises from the state to the private sector.
This
is the outright sale of public corporations to private individuals or
investors. There is a transfer of ownership and control for government
to the private individuals.
Privatization can be defined as any of
the variety of measures adopted by the government to expose a public
enterprises competition or public enterprises and according to reduces
the right of public ownership or control or management (IKEME, 1997).
The
privatization and commercialization not of 1988 and (B.P.E) Bureau of
public enterprises defined privatization as the relinquishment of part
of all of the equity and other interest had by the federal government or
any of its agencies whether wholly avoid federal government.
Although privatization is not defined in the public enterprises (privatization and commercialization) not derived in the public
enterprises(privatization
and commercialization) net of 1999, we can assume that of deemed to
have the same meaning form the definition three things are clear first
for privatization to take place, there must be the existence of public
enterprises. Secondly here is the reasoning that private ownership.
Finally
privatization is premised that there is problem with the public
ownership of enterprises and privatization is part and parcel of the
reform a gender to turn around. They are enterprises so they can deliver
goods and services efficiently and effectively. As we shall show later,
this is reasoning ideologically loaded and cannot be substantiated by
the existential reality of Nigeria.
COMMERCIALIZATION: This is the
act of making a public operation more profit oriented, as private
individuals are employed into management for efficiency while the
ownership and control of the company still remains with the government.
PUBLIC
SECTOR: This is a sector in the economy that is dominated by the
government, the private individuals and capitalists play a minor role.
Here, government regulates and control the activities.
PRIVATE
SECTOR: This is a sector in economy that is dominated by individuals or
investors and capitalists. In this sector there is little or no
government regulation of activities.
DEREGULATION: This is the act of
removing restriction on the activities of a sector where governments
have more control and domination over the private individuals or
capitalists. Therefore, it is the removal of policy guidelines that
restricts the operation. In that the government reduces its control in
the sector of interest.
PUBLIC CORPORATIONS/ENTERPRISES: As defined
by (Demoloun 1963) are organization that change as a result of
government activity in the capacity of an or corporation built, owned
and managed by the government. They are being financed by public funds
especially through taxation and also operate on monopoly.
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