The Effect Of Privatization And Commercialization Of Government Owned Industries

Project and Seminar Material for Accountancy / Accounting

The Effect Of Privatization And Commercialization Of Government Owned Industries


Abstract


The government felt that some public sector businesses are performing below expectations. Some incurred debts, which are being repaid and serviced by the government. The government also became worried that substantial part of its capital votes were used to support public enterprises whose provision of goods and services were often expensive, inefficient and subject to political manipulation. The Federal government therefore decided to privatize and commercialize these enterprises as a way of saving and instilling the spirit of efficiency in the effected areas of enterprises.

An explicit step by step procedure is to be used in the research methodology. The use of primary and secondary sources of data collection is to be applied. The research based with in Enugu metropolis. An elaboration discussion and interview with specialists and members of staff of Nigeria Breweries (NBL) is to be done. Also the use of real materials by professionals and learned men is applied.

However, the research is confronted with a good number of factors which constricts the research .time being the first constricts the combination of my lectures, Assignments and personal chores is a bit furious. Money which has ordinarily constituted a hindrance is not adequately provided for the research, which needed enough cash for transportation, information and material. The protocols to be observed is not welcoming, things are unnecessary prolonged. The last and never the leastwise inadequate braise, material, research guidance and experts in the project research topic who suppose to give a professional advice.

Meanwhile, I believe this research topic has a long way in reducing financial malpractice, bringing financial relief for the government, bringing productivity and quality, help raise government revenue, lesson the dominance of unproductive investments in the public sector, develop capital market and promote enterprises and industrialization etc.


Chapter One


Introduction

There is no doubt that privation came in the hesitation of the policy of librization and the advancing for market based reform.. It has also become an important component globalization.

Privatization has since been endorsed by multi lateral financial institution as a major plank of adjustment policies , which are being , implemented in a number of developing country including Nigeria of course in development literature privatization as become the linchpin (things that is most important part of an organization ) economic liberalism.

The advocate of privatization believe that it is very effective stage for improving operational efficiency , broaden share ownership ;, attracting foreign investment and reducing the role of the state in these areas where the private sector process the capacity to operate more efficiently and more productivity . (Jerome, 1999; 2)

Several countries in the developed and developing world are increasing privatizing state owned enterprises. (SOES) indeed, between 1988 and 1994, developing country sold about 3300 state owned enterprises.

The rush towards privatization in developing country most especially, has been attributed to the poor performance of publicly owned enterprises which has been largely managed by the staff. In the 70s, state enterprises where prominent in the extractive industries, utilities and infrastructure such as electricity railway, telecommunication etc. in Nigeria .unfortunately . this enterprises become money guzzling outfit, rely on regular subsidies from government and survived only on the monopoly status they enjoyed. Many of them were over staffed and were bally managed

All of this deficiency necessitated a rethinking on the roll and structure of publicly owned or state owned enterprises like NEPA. The introduction of SAP in 1986 set the tone for the process of privatization of public enterprises in Nigeria.

In spite of the foregoing justification for privatization, it is important to point out ;that the private s sector in Nigeria as depended largely on the state for; its survival studies have showed that in terms of investment of productivity


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