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PROJECT TOPIC: THE IMPACT OF PRIVATIZATION ON NIGERIA MONEY MARKETS

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CHAPTER ONE

1.0              INTRODUCTION:

The topic of this research paper is the impact of privatization on Nigeria money market.  We will concentrate on the effect of the privatization on Nigeria money market.  Undoubtedly, there are many organization ranging from government to the hand of individual.  In this report, the establishment of statutory corporations and state owned companies are tools of public intervention.

There was also consideration arising from the dangers of leaving the care sector of the economy in the hands of government and large – foreign business organization considering these reasons and others, public enterprises was seen as crucial in Nigeria guest for the true national economic independence and reliance.  The economic and financial analysis has never relented in the reminding of the worthy of the need to operate these government enterprises with reasonable efficiency.  It was recognized as far back as 1950 which led to a situation where many of the public enterprises operated in some form of quasi commercial organization.  Some of the reasons for this development include:

1.                  Government system of accounts is designed to facilitate close-expenditure control by the legislature and necessarily to promote operational efficiency.

2.                  The necessity to minimize political pressure and partisan influence in some sensitive social institutions in order to sustain confidence in their policies and programmes.

3.                  commercial undertakings lead to generate an atmosphere of initiative and release greater energy on the part of operational personnel.

4.                  It is being doubtful whether the private enterprises will sustain the magnitude of investment need in certain vital areas of development.

5.                  The normal government machines do not tend it to the speedy decisions so needed for commercial operations.

However, the situation on ground was that the real performance of the public enterprises in Nigeria have left much to be desired, many were not responsive to the changing requirements of a growing and dynamic economy and they did not possess the necessary tools for translating into reality the hope of successful commercial operations in this difficult condition faced by the public enterprises in Nigeria.  The Central Bank of Nigeria (CBN) and the Nigeria Stock Exchange has used privatization and commercialization policy to encourage the growth of our economy and create an avenue for individual investor.  Privatization has gained much more prominence than commercialization in Nigeria recent time.  Proprietor of privatization in Nigeria have argued against the continued existence of government in the public enterprises because of the economically inefficient and wasteful of resources as well as domestic and foreign credit.


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