Abstract:
Tie primary objective of the privatization programme is to make the private sector the leading engine of growth of the Nigerian economy. The philosophy behind it therefore, is to restructure and rejuvenate the public sector not only to lessen the dominance of unproductive investment in the sector but also to initiate the process of gradual transfer to the private sector of public enterprises, which are better operated by private sector. It is expected that privatization programme would provide the channel for reintegrating Nigeria back into the global economy and act as a platform to attract direct investment in an open and transparent manner. This paper critically examines this aspect of economic reforms as a catalyst for attracting direct foreign investments and to bring Nigeria back to the main stream of the world economic order. The paper evaluates the government position that privatization is a political process; at the same time has important economic and social implications affecting not only economic and enterprise performance but also social welfare and stability. Our findings are that, privatization is a calculated design of giving out Nigerian companies cheaply and criminally to government friends and cronies. The paper concludes that, privatization programme has been unsuccessful due to lack of careful analysis, planning and implementation. We recommends that, since privatization alone cannot solve the country's economic problems, other proven workable economic programmes that suit the Nigerian peculiar situation should be thought of and pursued to fully revive the economy.
