EFFECTS OF PRIVATIZATION AND COMMERCIALIZATION ON THE COMPANY MANAGEMENT A CASE STUDY OF SELECTED COMPAY IN IMO STATE
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EFFECTS OF
PRIVATIZATION AND COMMERCIALIZATION ON THE COMPANY MANAGEMENT
A CASE STUDY OF SELECTED COMPAY
IN IMO STATE
ABSTRACT
The interest of this study is to destroy valuable
contributions to companies management and general industrial development in
Nigeria through privatization and
commercialization Nigeria has been lacking behind in terms of development
owning to numerous reasons some of which are embedded in the management of her
local producers system. In this study therefore, the interesting is to carryout
some research into these problem that impede company management process in
Nigeria and suggest ways and means of moving them through modern management
process and in addition X-ray the far reaching benefit that could be drawn from
privatilization and commerclizatin on company management.
Faced with the dilemma of external indebtedness and internal economic
stabilization measure.
The major component of this medication
is the gradual dismantling of state control. How the management of companies
affected by privatization going to fare, because the crux of this study. Some
selected government enterprises operating within the continues or bead quarter
in the state were studied to give the research an empirical touch. In
conclusion few question which may be agitating the minds of people were
answers. Among these question are:-
Why did government intervened in economics activates an did why is it urgent
now that state control has be dismounted for private initiations to come in?
A note of wanting was sounded about seeing privatization as a solution to all
management and economics ills and that the right remedy should be given to the
appropriate private ailment at the right time.
TABLE OF CONTENT
CHAPTER ONE
1.0
Introduction
1.1
General background to the subject matter
1.2
Problem assouated with the subject matter
1.3
Problem that search will contend with
1.4
Important of the studying area.
1.5
Definition of important terms
1.6
Reference
CHAPTER TWO
2.0
Literature Review
2.1
The origin of the subject matter
2.2
School of thought with the study area.
2.3
The school of thought relevance to the problem of the search .
2.4
Different method of the studying the problem
2.5
Summary
2.6
Reference
CHAPTER THREE
3.0
conclusion
3.1
Data presentation
3.2
Analysis of the data
3.3
Recommendation
3.4
Conclusion
3.5
Reference
CHAPTER ONE
1.1
INTRODUCTION
It has been exonerated that the
economic situation of Nigeria from the recent past to p
resent is anything but good. Datas back
to the colonial ear, Nigerians economy has been saddled with planlessness and
bad administration. Other countries like Taiwan, south Korea and even south
African that started from the same platform as Nigerian in quest of economic
emancipation have today made considerable achievement.
As for Nigeria, she was held down to low economic attainment by a vicious
circle of force, tribalism, nepotism, political profiteering, poor education
orientation and poor work altitude. This circle however, was often broken by
seeing economic progress as in the area of grandaunt pyramids of the sixties
and the oil boom era of the seventies which bid not stand the test of time.
Nigeria have been conscious of dividing
economic fortunes and proclamation of such measures as how profit image
operation feed the Nation,(OFN), Austerity measures war against indiscipline
program (SAP) of the Ibrabim Babamosi Babangida administration (1965-93)
. SAP has one of its children as privatization and commercialization.
All the above measures were geared
towards economic stabilization. The extent of success of each depends upon the
straight of will and purpose of their proporients.
Going down memory came, Nigeria was one known for her groundnut pyramids . In
the 1970-84, groundnut production had gone down considerable from what it
used to be in the sixties when Nigeria was the world trading exporter of
groundnuts, by 1984, Nigeria has become a net importer of groundnut oil, cocoa,
beans and cotton to mentioned but a few and so was importing more than it was
exporting. With the outbreak of Middle East war in 1973, oil prices rose to an
unprecedented level and Nigeria becomes the most industrialized in the
developing countries.
Unfortunately she made no contingencies
and could not utilize her sudden found wealth. Nigeria abused her ability to
import and this depleted her enternal reserve to the barest minimum Nigeria was
no longer in a position to pay for her imports through exchange earning, she
began to accept short credits which ironically graduated to long term
embarrassing debts.
To finance the countries long term projects she sought for and contracted to
assist in the wan syndication and for which a significant amount from the loan
was paid out as management fees, legal fees, placement fees and so on.
By 1981, most of the school term loan Nigeria borrowed to financial projects
with long term returns began to mature by 1983, there was a backlog of matured
debts and Nigeria was harrssed from pillar to post by creditors. She was
advised to borrow from IMF. Given their considitionalities, but Nigeria refused
because of us far reading Implication on the economy.
The government rather Rose to impose economic measures with the aim of
restricting the economic, making the productive sector more completive and
reallocating resource for more efficient uses. However, because of the lack of
political will, the measure were not pursued vigorously until the military came
win 1984 with a view of ensuring a turn around from economic independence and
depression. This economic down turn was accompanying by austerity. In this
case, the problem was not solved as there was a persistent decoration of the
balance of payment , external debt problem, capital flight and further
devaluation of the Niara. To correct some of these anomalities and Immune, the
economy future shocks. The military government reacted promptly and mapped out
the economic recovery package –SAP to improve resources, allocation increase
economic potential.
Privatization and selective
commercialization therefore forms one of the measures for implementation and
realization of the objective of SAP.
1.1
GENERAL BACKGROUND TO THE SUBJECT MATTER
The study on the
effect of privatization and commercialization on company management is
commercialization on company management is organized under three chapters.
The first chapter introduces the topic
of the study, give the background of the subject matter, problem associated
with the subject matter, problem that search will contend with , important of
studying the area, definition of important terms, then reference.
The second chapter reviews literature which has been written on the subject
matter in the past presentation analysis the data, and makes recommendation,
which brought about reference.
1.2
PROBLEM ASSOCIATED WITH THE SUBJECT MATTER
The aim of these
studying are: To investigate the effect of the initiated process of gradual
succession of public sector enterprises by the private sector on such
enterprises that by the nature of their operation and other socio-economic
factor are best performed by the private sector.
To evaluate the
recommended solution to the problem of absolute dependence of commercially
oriented perastatals on the treasury for funding and to encourage their
approach to the capital market.
To find out ways of ensuring positive returns on public sector investment in
commercialized enterprises and re-orientating the enterprises for privatization
and commercialization towards a new horizon of performance improvement,
viability and overall efficiency.
Lastly, to provide
institutional arrangements and operational guideline that would ensure that the
gains of privatization and commercialization are sustained in the further.
1.3
PROBLEM THAT SEARCH WILL CONTEND WITH
Privatization and
commercialization of public enterprise like wind is blowing across the world, dismantling
old structures and ideas and creating new foundation in political
economy.
The world privatization was corned to
desirable the process of moving from the public to the business. It
involves the sale of formerly public enterprises to private individuals and
groups. Privatization can also be partial (government still retaing some shares
in the business) or total ownership is transferred to the private person who
have paid an agreed amount to the government.
The privatization and commercialization of 1988 and baren of public enterprise
act of 1993, defined privatization as the relinquishment of part or all of the
equity and interest held by the federal government or any of us agencies in
enterprise weather whorlly or partly owned by the federal government.
The decree N0 25 of 1988 defines commercialization. As the organization of
enterprise wholly or partly owned by the federal government in which such
commercialization enterprises shall operate as profit making commercial venture
and without receiving money from federal government.
Privatization and commercialization no doubt aim at achieving some objectives.
These objectives are lack of well seasoned management and wastage of resource
rather than profit making becomes the force during the public enterprise into
private hand.
This study objective is to find out the effect of the exercise on management of
affected comprises. To achieve this, the following question, need to be
answered:
1.
How do we go about not about getting the best from privatization but also
controlling it to yield expected output?
2.
What categories of public enterprise should be practiced should the viable ones
be privatized?
3.
Will private individuals and initiatives be able to provide goods services
efficiently and at minimal cost, that is will denationalization bring about
efficient and reduced cost of production?.
1.4
IMPORTANT OF STUDING THE AREA
Seeing the increase in the
chromching role played by the public sector in provision of goods and
services, affects the entire economy there arise the need to restructure
the economy, because of drastic reduction in revenue accruable to the
government.
Then government has to re-consider and re-direct its scarce resources into more
socially beneficial and economically productive venture rather than
engaging in pure economic activity which the private sector would handle
better.
The study will examine if privatization
could be a remedy for all billing public sector, it will also examine the most
efficient way in which privatization policy will re-applied so that the best
will be extracted from it .
The work also become exigent, as it is a pre-requisite for the award of higher
National Diploma in Business administration and Management and technology .
1.5
DEFINITION IMPORTANT TERMS
1.5.1
For the sake of Charity, thus study will give operational definition of some
variable in the topic
Privatization:
The relinquishment of part or all the equity and interest held by the federal
government or its agenesis enterprise whether wholly or partly owned by the
federal government to the private sector.
Commercialization:
The re-organization of enterprise wholly or partly owned by the federal
government in which commercialized enterprises shall operate as profit
making commercial venture and without subvention from the federal government .
Company: A
joint stock or limited liability company which is legal entity setup for the
purpose of conducting commercial or industry operation and with a capital which
is divided into shares that are held by its member
Effect:
To causes, produce or have a result.
Management:
The administration and policy makers of business or other organization in a
corporation .it is the board of directors elected by share holders and the
officers of the cooperation appointed by the board of directors.
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