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AN EMPIRICAL ANALYSIS OF THE IMPACT OF PRIVATE SECTOR ON THE ECONOMIC GROWTH AND DEVELOPMENT OF NIGERIA (1980–2010)
1.1 Background to the study
Privatization has become an important strategy adopted worldwide to improve the output of private enterprise. It is a known fact that a feature of public enterprises worldwide, but especially in developing countries of Africa especially Nigeria is inefficiency of public enterprises bureaucracy and uncared attitude of most officials or most people at work and public property. This leads to loss, slow growth and excessive dependence on government support (in the form of grants) even when the activity is apparently a profitable line.
In Nigeria, the oil boom of the 1970s, among other factors gave way to a strategy of the government led by the public sector. Predominance of the public sector was also widespread in order to give the government far more control over its own resources (obadan 2000), turnover fell by government following the economic crisis of the 1980s , coupled with dissatisfaction with the performance of the public, forced Nigeria to embrace privatization and commercialization in 1988. Today in Nigeria, privatization of key government enterprises is a household speech, but it has become a major issue in the mind of every meaningful Nigerian.
The state participation in enterprises in Nigeria dates back to the colonial era. The task of providing basic infrastructure such as railways, roads, bridges, water, electricity and port facilities fell on the colonial government because of the absence of indigenous communities companies with the capital required and the inability or unwillingness of foreign trading companies to embark on capital intensive project (Iheme, 1997). Participation was spent and accounted for by the development plan of the colonial social assistance (1946-1956) was formulated when Labor Day came to power in the UK. This trend continued after independence so that by 1999, it was estimated that successive Nigerian government had invested up to N800 billion public owned enterprises (Igbuzor 2003, citing Obasanjo, 1999). Throughout the twentieth century, there were three dominant strategies for infrastructure investments. In some countries, particularly those in the Eastern Bloc, state ownership of means of production was promoted, while others (Western Block) promoted private ownership of production. Many countries also predicted what was called a mixed economy, a combination of public and private ownership of means of production. ...
1.2 PROBLEM STATEMENT