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PRIVATIZATION OF PUBLIC ENTERPRISES IN NIGERIA: CHALLENGES AND PROSPECTS
Abstract
Public enterprises are established as a direct intervention measure of government in economic affairs, especially the need for rapid economic development. By 1980s, the quantum of resources required to sustain the public enterprises had become an unbearable burden on the affected nations. An assessment of government success or otherwise in business enterprises in Nigeria especially, makes it very apparent that the business of governance should not be mixed with the running of purely business enterprises. Thus, Privatization became the next option, as the best approach to economic transformation. By the middle of 1980s, Nigeria started to privatize its Public Enterprises as part of the conditions of the International Monetary Fund, IMF. Since then, privatization of Public Enterprises has been the priority of various regimes and fully on ground in Nigeria. For this, the paper examines and analyses the implementation of privatization of public enterprises in Nigeria. In the process, the paper discovers that privatization of public enterprises is confronted with so many challenges, which include the following: corruption, human capacity building, labour problem, disappointing subscription rate, inability of the programme to attract foreign investors, under valuation of assets, undue interference from the political class. These challenges confronted on the programme could not allow Nigeria reap the desired benefits. Therefore, the paper concludes by providing policy alternatives to enable the programme achieve more concrete benefits to Nigerians.
Keywords: Public Enterprise, Privatization, Intervention, Challenges