AN ASSESSMENT OF THE EFFORT OF PRIVATIZATION AND COMMERCIALIZATION ON THE NIGERIAN ECONOMY (A CASE STUDY OF KADUNA REFINERY AND PETROCHEMICAL COMPANY (KRPC)
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AN ASSESSMENT OF THE EFFORT OF
PRIVATIZATION AND COMMERCIALIZATION ON THE NIGERIAN ECONOMY
(A CASE STUDY OF
KADUNA REFINERY AND PETROCHEMICAL COMPANY (KRPC)
ABSTRACT
When
the economic fortune of the organization of petroleum exporting countries
(OPEC) nations suffered a tragic experience due to the sudden fall of the oil
price in the eighties and nineties, the economy system of its members became a
source of concerned as the survival of their organs was greatly threaten. Due
to the sudden fall of the oil prices, several developing nations, therefore,
evolved strategies that will pull them out of the economic being one of the
country affected was not excluded and
one of the strategy to be employed was to privatize and commercialize
government public enterprises which many believed will lead the country out of
her economic wound.
Nigeria
National Petroleum Corporation (NNPC) is one of the public enterprises owned by
the federal government of Nigeria to provide petroleum product to the populace.
The wind of the economic recession that spreads across the country didn’t spare
NNPC. NNPC got it share couple with mismanagement of resources by those
responsible to manage the day-to-day affairs of the organization. These led to
their in ability to meet the aims and objectives of setting them up. The only
way out seems to privatize and commercialized the sector to have enough funds
to meet its service to the populace through selling of shares and foreign
investment.
This
programme will not only make funds available but also provide better management
and managerial skill for effectiveness and efficiency.
The
study will examine its positive and negative on the enterprises. The Nigeria
economy, employees and Nigerian government.
TABLE OF CONTENT
Cover page- - - - - - - - - - i
Title page- - - - - - - - - - - ii
Declaration- - - - - - - - - - iii
Approval page- - - - - - - - - - iv
Dedication- - - - - - - - - - - v
Acknowledgment- - - - - - - - - vi
Abstract- - - - - - - - - - - viii
CHAPTER ONE
1.1
Introduction- - - - - - - - - 1
1.2
Historical
background of study- - - - - - 1
1.3
Statement of
problems- - - - - - - 3
1.4
Significance of Study- - - - - - - - 4
1.5
Objective of study- - - - - - - - 6
1.6
Hypothesis- - - - - - - - - 6
1.7
Scope of the study- - - - - - - - 8
1.8
Limitation and
delimitation of study- - - - - 8
1.9
Definition of terms- - - - - - - - 9
CHAPTER TWO- Literature
review
2.0
Introduction- - - - - - - - - 12
2.1
Privatization in
Nigeria- - - - - - - - 13
2.2
Commercialization in
Nigeria- - - - - - 15
2.3
Policies of
privatization and commercialization - - - 18
2.4
Objectives of the
policies- - - - - - - 32
2.5
Public enterprises
in Nigeria- - - - - - - 34
2.6
Reasons for
privatization and commercialization- -- - 37
2.7
Conclusion- - - - - - - - - - 40
CHAPTER THREE - Research
Methodology
3.1
Introduction- - - - - - - - - 42
3.2
Population of study- - - - - - - - 42
3.3
Sampling - - - - - - - - - 42
3.4
Method of data Collection- - - - - - - 43
3.4.1 Interview - - - - - - - - - 43
3.4.2 Questionnaire- - - - - - - - - 43
3.4.3 Secondary sources- - - - - - - - 44
3.5
Method used in Analyzing
Data Collected- - - - 44
CHAPTER FOUR - Presentation
and Data Analysis
4.0
Introduction- - - - - - - - - 45
4.1
Analysis and
Presentation of Data - - - - - 45
4.2
Summary of the
finding- - - - - - - 55
4.3
Test of hypothesis- - - - - - - - 56
CHAPTER FIVE - Summary,
Conclusion and Recommendations
5.1
Summary - - - - - - - - - - 59
5.2
Conclusion- - - - - - - - - - 60
5.3
Recommendations-- - - - - - - - 62
Bibliography- - - - - - - - - 66
Appendix I - - - - - - - - - 67
Appendix II - - - - - - - - - 68
CHAPTER ONE
1.1
INTRODUCTION
Privatization
means the sales of public enterprises to private hands through the sale of
share. The privatization programme in Nigeria is mean to benefit almost all
Nigerians. While, Commercialization is the selling of share of some of the
government to make them operate as profit making venture. It is the re-organization
of enterprises in such a way that they shall operate as profit making
commercial ventures and without subvention from the federal government.
Commercialization can come in two forms;
v Public
enterprises are expected to operate profitably on commercial basis and to be
able to raises fund from the capital market without government guarantee.
v Public
enterprises which may be considered by the government for capital grant to
finance their capital intensive project.
1.2
HISTORICAL
BACKGROUND OF THE STUDY
Privatization
and commercialization was first hinted by the Shagari Government of Second
Republic followed by Buhari’s Regime, but was only given priority in 1986
speech when the then president Babangida said that parastatals have constitute
an unnecessary high burden on government resources. As from 1986 the volume of
non-statutory transfer to all economic and Quasi-economic parastatals
constitute not more than 50% of their present levels”
In
essence, president Babangida Had went further to expressed out the position of
government in relation or with respects to the public enterprises with regard
to their performance, and criticized them as follows;
v Been
inefficient in their operations.
v They
are avenue for corruptions.
v Financial
burden on government
v They
are not making return in respect to investment made on them.
Other
views are that government involvement in enterprises is the failure in economic
development and that business is not a venture for government.
1.3
STATEMENT
OF PROBLEM
As
the country developed and the economy expanded many public enterprises in the
country find it difficult to render effective service. A number of problems
were responsible for the ineffective performance of these corporations and
enterprises. They include;
v In
appropriate capitalization from inception.
v Improper
definition of roles and objective for setting them up.
v Total
government ownership which did not encourage profit orientation operations.
v Influence
of political environment.
v Poor
funding conditions of service and work environment
v Poor
organization structure.
v Poor
attitude to work on the part of workers of the corporation who believed that
government would always provided subvention for the payment of their salaries
and wages.
v Unnecessary
interference in the management of the corporation by the supervising agencies
of the government.
v The
partial failure of the antagonization Degree.
v The
windily foreign earning from export of petroleum which had become the main stay
of the economy by the end of the 1970’s
v The
heavy linkage of natural expenditure and product to imports resulting in heavy
foreign debt burden from the early 1980’s and the poor performance of public
enterprises and corporations, all combined to create rapid and serious down
ward trend in the Nigerian economy.
Hence,
in 1988, decree 25 was promulgated to recognize such enterprises. Thus,
government corporations were commercialized. Now a second phase of the
programme was inaugurated by the present administration taking a new step. The
focus of the paper the examination of the success or other wise of the
programme on public enterprises in Nigeria.
1.4
SIGNIFICANCE
OF STUDY
The
relevance of this study can be examined from three perspectives, as follows.
1.
The Researcher’s point of view
2.
Nigerian Public enterprises
3.
general public
Finally,
it is hoped that this research would serve as variable guide to our policy
makers and future policy enquiries into this fold.
The
study is relevant to the research as it will provider the opportunity to know
more about privatization and commercialization.
It
is also relevant to public enterprises or government corporations privatized or
commercialized or yet to be privatize or commercialized specifically the case
sturdy of this research work. As it will highlight to their operation. The
recommendation made in this study will be useful to them in particular and to
share holders.
Finally
the project will be of immense importance to the general public either for
research work or just to increase their knowledge and create more awareness on
the concept of privatization and commercialization programme as well as the
problems an solution to the problems of Nigeria public Nigeria.
1.5
OBJECTIVE
OF STUDY
The
objective of this study is to critically evaluate the effort of privatization
and commercialization programme. The primary aim of this research is to:
a) Find
out the prospects and problems of the implementation of the privatization and
commercialization programme on public enterprises.
b) Find
out to what extend the programme can be able to get rid of ineffectiveness and
inefficiency of public enterprises.
c) Find
out its possibilities of fostering development on the Nigeria economy.
d) Find
out if will improve the welfare and standard of public workers.
Finally
this project also intended to recommend ways of solving the problems of public
enterprises in Nigeria.
1.6
HYPOTHESIS
In
line with the objectives of this research work, the following hypotheses were
made: -
H1
H0
- That privatization of public
enterprises will have negative effect
on Nigeria economy.
Hi
- That privatization of public
enterprises will have positive effect on
Nigeria economy.
H2
Ho
-That commercialization of public enterprises will have negative effect on Nigeria economy.
H1
-That commercialization of public enterprises will have positive effect on Nigeria economy.
H3
H0
– That the privatization of public enterprises will not improve the operation and services, welfare and
standard of worker in the public
enterprises.
H1
– That the privatization of public enterprises will improve the operation and services, welfare and
standard of worker in the
public enterprises.
1.7 SCOPE
OF THE STUDY
These
research works intend to assess the effort of privatization and
commercialization exercise on public enterprises in Nigeria.
The
research will be limited to only Kaduna refining and petrochemical company
(KRPC) Being the case study of this research work.
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