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This book provides a comprehensive outline of the principles and concepts of governance in society, the rights and responsibilities of citizens in a development context, and the successes and failures of government in Nigeria. It further assesses the political role of Nigeria in the international community, in particular, its relationship with the UN, the African Union, ECOWAS and the Commonwealth.
This paper examines the role that privatization can play within a wider strategy designed to overcome the problems associated with public enterprises. For this purpose, privatization is defined as a transfer of ownership and control from the public to the private sector, with particular reference to asset sales. It is therefore equated with total or partial denationalization. Economic efficiency is not only the key to improving the performance of the public enterprise sector, but is also the source of other gains often attributed to privatization, in particular, its favorable budgetary impact. To public enterprises that are subject to national or international competition, privatization offers the possibility of increased productive efficiency as government financial backing is withdrawn and bankruptcy and takeover become possibilities. The admissibility and desirability of privatization, as well as what types of enterprise should be privatized, ought to be determined by similar considerations in both industrial and developing countries.
Nigeria's political economy has straddled the ideological divide between socialism and capitalism. The country produces oil, and at some point in its existence, it embarked on robust state involvement in the economy. This was marked by the acquisition, or establishment, of numerous state enterprises. Over the years, the performance of these enterprises was found to be dismal, and as part of the overall reform of the economy, Nigeria has joined the global trend toward reduction in direct state ownership of enterprises. Indeed, it has embarked on massive divestment of state interests in once publicly owned firms. Besides the universal rationale of efficiency, one of the objectives of the privatization exercise in Nigeria is the attraction and retention of foreign investments. This work examines the direct and indirect linkage between the government's divestiture of its interests in firms, on the one hand, and foreign investments in the country, on the other hand. The book is divided into seven chapters. Chapter 1 reviews the political and economic history of Nigeria, to set the background and context that necessitated the introduction of the reform package of which privatization is just an aspect. Chapter 2 is a discussion of various natures of state involvement in an economy. This ranges from mere regulation to active participation. The chapter discusses the competing conceptual and ideological theories and tries to situate the Nigerian experience within the broader conceptual dichotomies of capitalism, socialism and the via media of mixed economy. Chapter 3 is an examination of the meaning and rationales for privatization of state owned enterprises generally and the Nigerian attempts in particular. Nigeria's privatization program is an ongoing exercise. Yet two distinct attempts are identifiable: one which started in 1988 and the reinvigoration of the exercise, albeit with new constitutive frameworks, in 1999. Thus, Chapters 4 and 5 review the legal and institutional frameworks for these two exercises. Chapter 6 deals with foreign investments in Nigeria. The discussion encapsulates the pros and cons of foreign investments, especially in Nigeria. Chapter 7 explores the direct and indirect linkages between the privatization program in Nigeria and foreign investments in the country. This is particularly apposite because one of the touted objectives of the privatization exercise is the attraction of foreign investments. A conclusion follows. The work finds that although foreign investments appear to have been indirectly boosted by the privatization exercise, foreign investors initially did not show interest in direct acquisition of the shares and other interests being relinquished by the government, but that that attitude has been changing gradually.
Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Deregulation, privatization and marketization have become the bywords for the reforms and debates surrounding the public sector. This major book is unique in its comparative analysis of the reform experience in Western and Eastern Europe, Australia, New Zealand and Canada. Leading experts identify a number of key factors to systematically explain the similarities and differences, map common problems and together reflect on the future shape of the public sector, exploring significant themes in a lively and accessible way.
This Poverty Reduction Strategy Paper for Nigeria highlights the National Economic Empowerment and Development Strategy (NEEDS). NEEDS gives special support to agriculture, industry, small and medium-scale enterprises, and oil and gas. Under the plan, the government will seek long-term capital for investment. Trade policy will be modified to unburden business of the red tape and complex procedures that hinder it from flourishing. NEEDS envisages forging stronger links between educational institutions and industry to stimulate rapid industrial growth and efficient exploitation of resources.
Master's Thesis from the year 2012 in the subject Economics - Case Scenarios, grade: 2.1, Ahmadu Bello University, language: English, abstract: This study evaluated the privatization policy in Nigeria (1999-2004): A study of Bureau for public enterprises (BPE), with its objectives being to examine and evaluate the ongoing privatization programme. The problem of the study focuses on ways of finding out the factors that promote the problems associated with public enterprise like improper management, waste of resources and the feeling that what belongs to the government belongs to nobody. It comes obvious there after that government could no longer continue to support the monumental waste and inefficiencies of the public enterprises. In addition, the researcher adopted the use of questionnaire and interview method in obtaining information in which the simple percentage method was adopted in the analysis and test of hypothesis respectively, based on this, the finding established was that considering the bad nature of public enterprises in Nigeria, there is the need for them to be transferred into competent hands of the private sector in order to ensure that the enterprises are saved from collapsing and revitalize them for more productivity and efficiency towards economic growth and development. Finally the study sought to make recommendation in the area of transparency, despite the huge success recorded in the telecommunication sector, the BPE should replicate such successes in other sectors of the economy by ensuring that the hiccups in some of the privatization transactions handled by the Bureau are handled with utmost transparency and in all its transaction.
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