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The Effect Of Privatization And Commercialization On The Nigerian Economy (1970-2010)
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1.7 DEFINATION 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.
IKEME,(1997) define privatization as any of the variety of
measures adopted by the government to expose a public enterprises
competition or to bring in private ownership , management or control in
to public enterprises and accordingly to reduces the weight of public
ownership or control or management.
The privatization and
commercialization net of 1988 and Bureau of public enterprises defined
privatization as the relinquishment of part or all of the equity and
other interest had by the federal government or any of its agencies
whether wholly owned by the federal government.
Although
privatization is not defined in the public enterprises (privatization
and commercialization) Net of 1999, we can assume that it deemed to have
the same meaning. From the definition three things are clear first for
privatization to take place, there must be the existence of public
enterprises which need to be converted into private enterprises;
secondly there is the reasoning that private ownership control would be
better that public o 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.
PUBLIC CORPORATIONS; - public corporation or enterprises as
defined by Ademolekun (1983), are organization that engage as a result
of government activity in the capacity of an entrepreneur. These can be
seen as those enterprises 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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ABSRACT - [ Total Page(s): 1 ]The privatization and commercialization of Nigerian enterprises today, faces a lot of challenges in tackling the menaces of corruption and mismanagement of public funds. It is because of social issues like economic inequalities, unemployment that made the state to interfere in economy of Nigeria. Government chose public sector as a means or medium for economic and social development due to poor managerial skill, weak technological base etc, this enhanced the zeal to establish various enterprises ... Continue reading---
