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AN ASSESSMENT OF THE EFFORT OF PRIVATIZATION AND COMMERCIALIZATION ON THE NIGERIAN ECONOMY

(A CASE STUDY OF KADUNA REFINERY AND PETROCHEMICAL COMPANY (KRPC)

 

 

ABSTRACT

When the economic fortune of the organization of petroleum exporting countries (OPEC) nations suffered a tragic experience due to the sudden fall of the oil price in the eighties and nineties, the economy system of its members became a source of concerned as the survival of their organs was greatly threaten. Due to the sudden fall of the oil prices, several developing nations, therefore, evolved strategies that will pull them out of the economic being one of the country  affected was not excluded and one of the strategy to be employed was to privatize and commercialize government public enterprises which many believed will lead the country out of her economic wound.

 

Nigeria National Petroleum Corporation (NNPC) is one of the public enterprises owned by the federal government of Nigeria to provide petroleum product to the populace. The wind of the economic recession that spreads across the country didn’t spare NNPC. NNPC got it share couple with mismanagement of resources by those responsible to manage the day-to-day affairs of the organization. These led to their in ability to meet the aims and objectives of setting them up. The only way out seems to privatize and commercialized the sector to have enough funds to meet its service to the populace through selling of shares and foreign investment.

 

This programme will not only make funds available but also provide better management and managerial skill for effectiveness and efficiency.

The study will examine its positive and negative on the enterprises. The Nigeria economy, employees and Nigerian government. 

 

CHAPTER ONE

1. INTRODUCTION

 

Privatization means the sales of public enterprises to private hands through the sale of share. The privatization programme in Nigeria is mean to benefit almost all Nigerians. While, Commercialization is the selling of share of some of the government to make them operate as profit making venture. It is the re-organization of enterprises in such a way that they shall operate as profit making commercial ventures and without subvention from the federal government. Commercialization can come in two forms;

1. Public enterprises are expected to operate profitably on commercial basis and to be able to raises fund from the capital market without government guarantee.
2. Public enterprises which may be considered by the government for capital grant to finance their capital intensive project.