Impact Of Public Sector And Economic Management In Nigeria
1.1 Background Of The Study
One of the most distinctive phenomena in developing countries during the last three decades has been the growth and dominance of the state. In many countries, after independence from colonial rule, the state took on a wider role and greater authority. In the face of wide spread poverty and socio-economic inequality, the state became responsible for redistributing wealth and providing social welfare programmes.
Economic scarcity, lack of infrastructure and undeveloped private sector caused the state to assume economic functions and become a major entrepreneur and investor. And this is against the skeptism of the classical school about government’s ability to solve the socio-economic problem in any society. This skepticism is based on the argument that;
Economic and political freedom might likely be undermined by excessive reliance on the state.
- The government bureaucracy in many cases is unduly slow.
- The difficulties in controlling huge government organization due to in efficiencies which political consideration can breed and the difficulties in assessing the success/failure of government programmes. (Mansfield 1983:69-70).
Despite the above argument, the public sector in Nigeria remain quite large until recently, comprising at the federal level; alone, about 100 enterprises spread over agriculture, mining, energy, manufacturing, transport, commercial and other service activities etc. To name few we have; Nigeria Railway Co-operation (NRC), National Insurance Co-operation of Nigeria (NICON), Nigeria Telecommunication limited (NITEL), Nigeria Postal Service (NIPOST) etc.
Since the government of a country involves itself in multifarious activities and control the public sector, it should and must be able to manage the economy well in such a way that there will be good standard of living Government needs to excuse its programmes economically, technically, effectively with the adoption of the right approach to economic management.
Moreover, economic management simply means the process of planning, organizing, co – ordinating, communicating, making decision and directing the resources when combined together in order to achieve economic goals and objectives.
Conclusively, as the economic management of a country like Nigeria improves both effectively and efficient with the able hands of public sector which is managed and operate by the government the better the standard of living of the growing populace and the economy will be.
1.2 Statement Of Problem
Although, there have been series of research works by various researchable regarding to what extent public sector can bring about smooth running of an economy. But the pitfall is that why has he economy not been properly managed by the public sector in spite of the series of recommendation that had been made by many researcher?
For the purpose of this study, we attempts to fill gap in our knowledge by examining the managerial skills adopted in Nigeria Public sector and their effects on the economy.
1.3 Objectives Of The Study
For the purpose of this research work, the aim is to examine how efficient public sector is in managing Nigerian economy.
In order to achieve this aim, the following are considered vital;
- Examine the performance level of the Nigerian Public sector
- To ascertain factors inhibiting good economic management by public sectors
- To provide useful information on how to go about good economic management
- To asses’ alternative policy measures to enhance the overall effectiveness and efficiency of public sector in economic management
1.4 Research Questions
Questions bothering the researcher’s mind in relation to the research topic include:
- Does economic management has any significant effect on the economy of a country?
- Is there any relationship between public sector and Economic Management?
- Are there any deficiencies after the implementation of Economic Management?
- Is it sufficient for the economy to be managed by public sector?
- Will non-adoption of economic management style lead to misappropriation, misapplication and mismanagement of public fund
1.5 Hypothesis Statement
The research hypothesis assists in providing possible solution to the problem facing the public sector in its attempt managed the economy for the purpose of this research work (Ho) which is the null hypothesis, represent negativity while (Hi) which is the alternative hypothesis, represent positivist, therefore, in order to realize the earlier stated objectives, the following hypothesis shall be formulated and tested appropriately.
Ho: There is no significant relationship between economic management and public sector.
Hi: There is significant relationship between economic management and public sector.
1.6 Scope And Limitation Of Study
This study covers the periods between 1980 to 2009. This section of the study is designed to give comprehensive reports of the methodology to be employed in the collection of data as well as the statistically tool via which the relationships will be tested.
The study would employ the use of secondary data which includes sourcing of materials from libraries and textbooks. It would also source for materials from the internet as well as previous journals relating to the research topic. The statistical data to be used for the study would be based on data collected from the Central Bank of Nigeria (CBN) statistical bulletin and the using the regression technique to the evaluate the impact of unemployment and inflation on the economy.
This section also focuses on the method which will be employed in the course of analyzing the research hypothesis. It would employ the use of Ordinary Least Square techniques in the analysis of data aimed at answering research question and hypothesis.
1.7 Significance Of The Study
One of the cardinal thrusts on Nigerian SAP has been to reform the public sector with the understanding that public enterprise and its parastatals should pursue their multifaceted objectives as eff8icinecy as possible with a view to maximizing their contribution to development. This is especially so, since evidence indicates that the pursuit of social objectives by public enterprises and its parastatals tends to bring about unintended preserves effects such as deficits, debts, product shortage, costly distortions in investment decision and waste of scare sources.
One lesson from this study is that to maximize the effectiveness and sustainability of the commercialization efforts deeper commitment and less bureaucratic (timely) approach to implementation of reform measures are needed.
Another is that to improve financial performance and resources utilizations, public sectors should be granted greater managerial autonomy. And that the adoption of right management style would assist in the presentation of understandable or comprehensive result, transparency, accountability and integrity in the public sector, ensuring efficiency in the management of economic and thus economic growth and development sets in.
1.8 Plan / Organization Of Study
This study is organized in the manner that chapter one of study comprises of background of study, chapter two contain literature review, conceptual framework and theoretical analysis, three entails methodology of research, chapter four houses the presentation of data and its analysis while chapter five is the summary, conclusion and the possible recommendation.
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