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THE IMPACT
OF PRIVATIZATION ON THE NIGERIAN ECONOMY
ABSTRACT
This paper
examines the outcome of privatization in the Nigerian economy within the
context of a globalized economic system and against the supposed inefficiencies
of state owned enterprises. It argues that the privatization process in Nigeria
as in other developing countries represents among other characteristics a new
phase in the export of capital from the advanced countries. Having examined
some key economic variables, the paper further argues that the privatization
process has not resulted in any significant improvement in the Nigerian
economy. Data gathered for this study was from secondary sources and were
treated and analyzed by the use of descriptive statistics, with quantities
appearing in tables and percentages.(Reduce the abstract to 100 words or less)
TABLE OF
CONTENT
Title
page
ii
Certification iii
Dedication
iv
Acknowledgement v
Abstract
vi
Table of
content
vii
CHAPTER ONE
1.1 Background of the study
1
1.2 Statement of the problem
3
1.3 Objective of the study
3
1.4 Scope of the study
4
1.5 Limitation of the study
5
1.6 Significance of the study
5
1.7 Definition of terms
6
CHAPTER TWO
2.1 An overview of privatization in
Nigeria economy
9
2.2 What is privatization?
11
2.3 Reasons for privatization
13
2.4 Method of privatization
15
2.5 Advantage and disadvantage of
privatization
17
CHAPTER
THREE
3.1 Methodology
25
3.2 Design of the study
25
3.3 Area of the study 20
3.4 Population of the study
20
3.5 Sample size of the study
21
3.6 Method of data collection
21
3.7 Method of data analysis
23
CHAPTER FOUR
4.1 Introduction
24
4.2 Presentation of data
25
4.3 Research questions 27
4.4 Research findings
29
CHAPTER
FIVE
5.1 Summary
31
5.2 Conclusion
32
5.3 Recommendation
33
References
34
Appendix
35
Questionnaire
36
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Privatization
refers to the reduction or total withdrawal of public sector intervention in
economic activities. It involves the relinquishment of part or all of the
equity and other interest held by the government or its agency in enterprises
whether wholly or partly owned by the government, the reduction in state
provisions, reduction in state subsidies and reduction in state regulation of
industries (enterprise). Privatization may therefore be full (total) or partial.
For reasons of transparency and credibility, as well as widespread share
ownership, the popular trend has been of divest through the stock market and as
such, the Act gave preference to the capital market as a divestment vehicle,
with government divesting its holding through the market. Thus, enterprises
which met the criteria of the stock market were divested through it. The
privatization and commercialization programme of the government has provided
new opportunities (which never existed before for individuals, organization and
government in and outside Nigeria to buy and sell securities.
However, with this chosen channel of
divestment, experience has also shown in Nigeria that privatization has
increased the activities of the Nigerian stock market as well as broadened and
deepened the stock market in a number of ways.
This research is aimed at examining
the impact of privatization on the stock market development in Nigeria with a
view of focusing on the degree of awareness and innovation engendered into the
capital market by the policy, in relation to the Nigerian stock market.
The thesis is equally aimed at
discussing such topic like privatization, the Nigerian stock exchange, impact
of the exchange in privatization programme, the capital market. Special
attention will be paid to such question as to, how the programme has further
enlarged both the outstanding shares, shareholders and widened the type and
quantity of share holders in the stock market, what extend the policy has
increased awareness in the capital market on the part of the shareholders,
general public and the principal operators and if privatizing through the
market has made the market better appreciated by policy makers which may
consequently les to the ignition of policies conducive to its growth.
1.2
STATEMENT OF PROBLEMS
Privatization
of public enterprises is a vital tool for the upliftment of a country’s economy, more especially the developing
countries like Nigeria. Regrettably, the problems facing this privatization
program is numerous to include:
a.
Corruption
b. Lack of
transparency
c. Lack of
accountability
d.
Inconsistency and
e.
Incredibility.
However, it
is based on these problems that the basic propositions of this privatization
program are being hindered. In trying to look into these discrepancies and proffer
a way forward towards a positive state of privatization of public enterprises
in Nigeria, this research work emanated.
1.3
OBJECTIVE OF THE STUDY
In view of
the issues raised in the research problem, this study has a number of
objectives all of which are directed towards appraising privatization policy as
a development strategy for the economy.
These objectives include:
1. To determine the post
privatization effect on the activities of the Nigerian economy
2. To make a comparative analysis of what
innovations the policy has brought into the economy
3. To point the implications of
the policy on economic development in Nigeria.
4. To investigate the extent to
which the policy in relation to the statutory role of the Nigerian economy has
helped in advancing the scope of private participation in government equities.
5. To determine to what extent
the policy has improved the degree of investment in the economy.
6. To identify whether
privatization has any effect on the economy.
1.4 SCOPE OF
THE STUDY
The scope of
this research work focused strictly on those privatization and
commercialization programs that have been embarked upon by Nigerian government
from. This work will lead us to the evolution of public enterprises in Nigeria
and also examine why they later turned out to be sold or privatized, partly or
wholly. Finally, to analyze how politics been played by past administrations
since 1988 towards this programme have ridicules this whole exercise.
1.5
LIMITATIONS O F THE STUDY
During the
conduct of this research work, some factors posed constraints to the determined
efforts of the research to carryout the research study to such a depth and in
such a manner that it ought to have been carried out. Some of these factors
are:
a. Time Constraint: Time is also another
factor that acts as hindrances in carrying out this research study. This is as
a result of the fact that other things were still being attended to in the
course of carrying out this research work.
b. Financial Constraint: Money also acts as a
problem in the conduct of the research work. Traveling expenses were incurred
in getting the materials for the research work. Also incurred, were expenses
for the typing and distribution, building and a lot of other expenses.
1.6
SIGNIFICANCE OF THE STUDY
The result
to be obtained from this study is expected to give an insight into the impact
of privatization on Nigerian
economic development. It will also be exposing the attendant benefits of
the policy which would accrue to the society, government, industries in general,
investors and other interested parties.
The study is inspired to a large
extent by a desire to appraise the impact of privatization policy on the
economy and hence will be of great assistance to the user of the Nigerian
organizations who are in need of what privatization policy in Nigeria entails
in relation to the statutory role of the economy.
1.7
DEFINITION OF TERMS
PUBLIC
CORPORATIONS: Public corporation or enterprise as defined by Adamolekun (1983),
are organizations that emerged as a result of government acting in the capacity
of an entrepreneur. They can be seen as those corporations or enterprise built,
owned and managed by the government. They are being financed with public fund,
especially through taxation and also operate on monopoly.
PRIVATIZATION:
Privatization can be defined as the transfer of ownership and control of
enterprises from the state to the private sector. Iheme, (1997) defines
privatization as any of a variety of measurers adopted by government to expose
a public enterprise to competition or to bring in private ownership or control
or management into a public enterprises and accordingly to reduce the usual
weight of public ownership or control or management.
CAPITALISM:
Capitalism means the economic system in which property is privately owned and
goods are privately produced. It is some times referred to as the private
enterprise system. It is the private ownership of the business of a society
with the freedom of private owners to use, buy and sell their property or
services on the market at voluntarily agreed prices and terns, with only
minimal interference with such transactions by the state or other authoritative
third parties.
FULL
PRIVATIZATION: sales of entire government shareholding or stake in the company.
This also means divestment by the federal government.
PARTIAL
PRIVATIZATION: this means divestment by the federal government of part of its
ordinary shareholding in the designated enterprise.
LISTING
REQUIREMENTS: these are condition which every application (companies seeking to
be listed in the stock exchange must satisfy.
DAILY
OFFICIAL: it is an authoritative document showing useful cooperate data on
daily business rating for all quoted securities to aid investors in appraising
or monitoring their portfolio performance for best result. This document also
reflects changes in the prices and earnings of the listed securities.
QUOTED
COMPANIES: these are companies whose shares have been admitted in every way
with listing requirement of the exchange.
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