Public Enterprises and Privatization in Nigeria

The dawn of independence in Nigeria together with the growing focus by government on the promotion of rapid social development of the society gave rise to the proliferation of public enterprises. The inability of these public enterprises to achieve the objectives for which they were established no doubt informed the government decision for them to be privatized. With the decline in oil revenue since the 1980’s, it was no longer feasible for government to continue to underwrite the losses in these public enterprises due to the absence of profitability, massive looting and gross inefficiency hence the justification for the privatization programmed. The work asserts that there is need for the privatization of most public enterprises in Nigeria but recommended among others that such privatization exercise has to be carried out within a high level of transparency on the part of government.