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Privatization in Nigeria: An Experiment in Public Policy

Author

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  • N. Frank Ekanem

    (Howard University)

Abstract

The growth of state-owned enterprises (SOE's) in Nigeria between 1960 and 1970 was motivated by five basic objectives: (1) to provide basic social services, (2) to promote economic development, (3) to assume the risk of capital intensive projects adjudged too large for the Nigerian private sector, (4) to prevent vital sectors of the national economy from being dominated by foreign private capital, and (5) to compensate for the lack of indigenous entrepreneurial capacity. Between 1960 and 1970, there was a rapid growth of state-owned enterprises in such sectors as banking and insurance, oil prospecting, refining and marketing, cement, paper manufacturing, steel milling, hotels and tourism, fertilizer plants, motor assembly plants, air, rail, and sea transportation, and sugar estates. But in the last decade privatization has become as aspect of national economic management policy in Nigeria as in many parts of the world.

Suggested Citation

  • N. Frank Ekanem, 1998. "Privatization in Nigeria: An Experiment in Public Policy," Journal of African Development, African Finance and Economic Association (AFEA), vol. 3(1), pages 85-104.
    • Handle: RePEc:afe:journl:v:3:y:1998:i:1:p:85-104
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