THE ROLE OF ACCOUNTANTS IN THE PRIVATIZATION AND COMMERCIALIZATION OF PUBLIC ENTERPRISES IN THE NIGERIAN ECONOMY

Project Abstract

The privatization and commercialization of public enterprises in the Nigerian economy have been significant processes aimed at improving efficiency, reducing government intervention in business operations, and attracting private sector investments. The role of accountants in these processes is crucial due to their expertise in financial management, auditing, and regulatory compliance. This research aims to explore the specific roles that accountants play in the privatization and commercialization of public enterprises in Nigeria. The study utilizes a mixed-methods approach, combining both quantitative and qualitative data collection techniques. Surveys will be conducted among accountants working in public enterprises that have undergone privatization or commercialization to gather quantitative data on their roles, challenges faced, and perceived impact on the organizations. In-depth interviews will also be conducted with key stakeholders, including government officials, private sector representatives, and accounting professionals, to gain a deeper understanding of the accountants' roles and the overall impact of privatization and commercialization on the economy. The findings from this research are expected to provide valuable insights into the specific contributions of accountants in the privatization and commercialization processes in Nigeria. It will shed light on the challenges faced by accountants in adapting to the changing business environment post-privatization and commercialization and offer recommendations for improving their effectiveness in these roles. Additionally, the study aims to assess the overall impact of privatization and commercialization on the Nigerian economy, focusing on factors such as job creation, investment inflow, and operational efficiency in formerly public enterprises. The results of this research will have implications for policymakers, accounting professionals, private sector investors, and other stakeholders involved in the privatization and commercialization of public enterprises in Nigeria. By understanding the specific roles and challenges faced by accountants in these processes, organizations can better prepare their financial management teams for the changing business landscape. Ultimately, this research aims to contribute to the ongoing discourse on economic reform in Nigeria and provide practical recommendations for enhancing the role of accountants in driving sustainable growth and development in the country.

Project Overview

1.0 INTRODUCTION:The economic recessions changes in the early 80’s to the general decline in public revenue. As a result of this, government appointed several study group to examine their operation with a view to determine the basis for a new funding scheme, operate capital structure as well as incentive measures to enhance their productivity and general efficiency in the face of declining government revenue and expanding demand for social services. This has led to the inauguration of National Council on privatization where the President stated thus, “there are over 1000 State owned enterprises in Nigeria. Many of these enterprises gulp billions of naira without yielding much positive result in terms of consumer’s satisfaction which ought to be the top priority”.1.1 BACKGROUND OF THE STUDY:This project topic emphasizes that the only rational remedy is to reduce the burden through effective privatization and commercialization of the public enterprise, in other to achieve the aim and goals of establishing them and also a programme to cure the inefficiencies and indiscipline in the stated owned enterprise, which will later help in controlling the operation of certain key economic enterprise from the public to the private sector.1.2 OBJECTIVES OF STUDY:
The objectives of this research work is to investigate or enquire for the following:
(a) the sole of accountants in the privatization and commercialization in Nigeria.
(b) To inquire into the reliability of the information supplied by the accountant in the implementation of the exercise.
(c) To dig dip into the type of information the accountant supplied in the execution of the programme.
1.3 SCOPE AND LIMITATION:Obviously, there are many public enterprise that are stated for privatization and commercialization whether full or partial in each respect.