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The Impact of Privatization and Commercialization in Nigeria
CHAPTER ONE
INTRODUCTION
Background of the study
Historically, the concepts of privatization and commercialization were first put to practice during the golden age of the Han Dynasty in China. In this era, the Mining Dynasty of China handover manufacturing industries private individuals in the society to managed. Subsequently, Winston Churchill’s government privatized the British steel industry in the 1950s. This was followed by Western Germany’s which sold its majority stake in Volkswagen to small investors in a public share offering in 1961.
The success of these privatized enterprise and the perception that privatization would go a long way in addressing market deficits and capital shortfalls, promote economic development, reduce mass unemployment made leaderships of Margaret Thatcher, Ronald Reagan, World Bank and International Monetary Fund clamored for large-scale privatization in the 1980s through the introduction of structural adjustment programme (Oji, Nwachukwu, and Eme, 2014). Accordingly, the introduction of structural adjustment program propels much government in different countries to embark on the massive transfer of public owned companies to private individuals (Alabi, 2010).
In Nigeria, structural adjustment program did kick start not until 1986 when the International Monetary Fund (IMF) insisted that one of the conditions the foreign loans requested by the then Shagari’s Administration can be granted was to divest ownership in the management and control of some public enterprises (Adeyemo & Adeleke, 2008).This debate resonated to Buhari/Idiagbon and General Babangida government that finally announced an intention to divest its holdings in certain key sectors of the economy and subsequently promulgated the Privatization and Commercialization Act No. 25 of 1988.Against this backdrop, privatization has hitherto been described by some authors as neo-liberal policies and idea packaged and sold by the western metropolis through their agencies such as World Bank and International Monetary Fund (IMF)( Gberevbie, Oni, Oyeyemi, Abasilim, 2015).
However, several other studies have noted that privatization of public enterprises would help to overcome the misuse of monopoly power, defective capital structure, mismanagement, corruption and nepotism (Abdullahi, 2014; Dappa, & Omi, 2014). Indeed, a public enterprise in Nigeria tends to be characterized by incessant corruption, inefficiencies, ineffective to they’re bureaucratic in nature that is responsible for many government failures. These low performances in addition to technological shortcomings of many public enterprises appear to have made many studies to suggest that privatization or divesting inefficient public enterprises could save costs and generate more revenue to the government. Nwoye, 2011) specifically argued that privatization and commercialization of public enterprise will not only facilitate the provision of capital and technology to strategic areas where the private sector either shy away from or lacked the capacity to invest, it will also increase capital formation, encourage foreign direct investment, production of essential goods at lower costs, create employment and generally contribute to the economic development of the country. Several other evidence has revealed that because many of the public Enterprises in virtually all tiers of government in Nigeria were either equipped with low or second-grade machinery, the performance of these public enterprise has remained very dismal with no options but to privatized them (Obadan, 2000).
Statement of the Problem
Some of the problems facing public owned enterprise were high corruption, lack of transparency, inefficiency, ineffectiveness, inconsistency, and incredibility. The challenges appear to mark a caused drastic failure of some public enterprise like National Electric Power Authority (NEPA) and Nigerian Telecommunication (NITEL) and Nigeria Railway. In addition, the low performance of these enterprises, coupled with the pressure on the international monetary fund to fully implement structural adjustment program saw massive deregulation or privatization of public owned enterprise. Against this backdrop, this paper looks at whether privatization and commercialization in Nigeria were desirable through extensive theoretical review of the performance of privatized enterprises in Nigeria. The paper also looks at concept, theories, rationale and challenges in privatization and commercialization of Public Enterprises. It ends with suggestions that may help to further enhance and sustain the performance of privatized enterprises if they found to be desirable in Nigeria.
Objectives of the Study
1. To examine the concept, theories, rationale and challenges in privatization and commercialization of Public Enterprises in Nigeria
2. To determine whether privatization and commercialization in Nigeria were desirable through the performance of some enterprises that were privatized and commercialized in Nigeria.
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