Thesis Abstract

Abstract
Privatization and commercialization have been significant policy initiatives in the Nigerian economy aimed at improving efficiency, reducing government control, and attracting private sector investments. This research explores the impact of privatization and commercialization on the Nigerian economy by examining key sectors such as telecommunications, power, and transportation. Through a comprehensive review of existing literature, data analysis, and case studies, the study assesses the outcomes of privatization and commercialization efforts in Nigeria. The findings indicate both positive and negative impacts on the economy. On the positive side, privatization and commercialization have led to increased efficiency, improved service delivery, and enhanced productivity in some sectors. For example, the telecommunications sector witnessed significant growth and innovation following privatization, leading to increased access to communication services for a larger segment of the population. However, challenges such as lack of transparency, regulatory constraints, and limited competition have hindered the full realization of the benefits of privatization and commercialization in Nigeria. Issues like monopolistic practices, inadequate regulatory frameworks, and corruption have also been identified as key challenges that require attention to ensure the success of privatization and commercialization initiatives. Moreover, the research highlights the need for a balanced approach to privatization and commercialization, considering the social implications and ensuring that essential services remain accessible and affordable to all segments of the population. It emphasizes the importance of effective regulatory mechanisms, transparent processes, and accountability in driving the success of privatization and commercialization in Nigeria. In conclusion, the study underscores the complex nature of privatization and commercialization in the Nigerian economy, emphasizing the need for continuous evaluation, monitoring, and policy adjustments to maximize the benefits and mitigate the challenges associated with these initiatives. By addressing the identified issues and leveraging the opportunities presented by privatization and commercialization, Nigeria can harness the full potential of these reforms to drive economic growth, enhance competitiveness, and improve the overall welfare of its citizens.

Thesis Overview

1.1      BACKGROUND OF THE STUDY

To be able to transform into an industrialized economy an underdeveloped economy has to privately and commercially develop.

The importance of establishing public enterprises or corporations began during the 19th century with the British Telecom in 1884 under the telecommunication act and gained a worldwide support in Britain. Thereafter several nations particularly those in Africa, have come to embrace the principle as a way of eliminating low performance and inefficiency in the public sector.

Following   the     trend,    the     Nigerian  economy  has    come    to

embrace     privatization         as     a     cardinal        principle        of    the      state‟s

economic policy. Over the years, the Nigerian government has encouraged the development of the public sector since independence in 1960 and particularly 1970s but has not been successful because government owned industries and establishments remain citadels of corruption.