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PRIVATIZATION OF PUBLIC ENTERPRISES AND ITS IMPLICATION ON ECONOMIC POLICY AND DEVELOPMENT OF CROSS RIVER STATE.

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PRIVATIZATION OF PUBLIC ENTERPRISES AND ITS IMPLICATION ON ECONOMIC POLICY AND DEVELOPMENT OF CROSS RIVER STATE.

CHAPTER ONE

GENERAL INTRODUCTION

1.1  Introduction

Cross River State public enterprises are generally corporate entities other than ministerial departments they derive their existence from special statutory instruments and engage in special business type of activities to provide goods and services for the overall social economic upliftment of the citizen these include corporation, authorities, boards and enterprise so owned and operated (Jerome 1999).

The non-performance of the public enterprise has prompted series of discussion and policy recommendations on how best to move them out of their present quagmire. It was for this quagmire that in 1999, the Cross River State government instituted sweeping reforms across the various sector of the state economy where they recognized that public expectations.

They were conceived to be consuming a large portion of national resources without discharging the responsibilities thrust upon them.

  1. That they create economic difference
  2. They incur huge financial resources
  3. They absorb disproportionate share of credit and especially in the form of foreign loans (Oluade 2007).

While the public remains divergent in their feelings regarding policy choice and actions the state governments seems decided, poised and irrevocably committed to the privatization option towards this end.

A decree was promulgated that is decree No. 25 of 1988 to give practice effects to and set approximate machineries in motion to privatize some government enterprises.

 

 

 

1.2  The research problem

Privatization programme just like any other of programme initiated by the state government did not just start.

Privatization programme arose because the defunct public enterprises had to meet public expectation they were alleged to be consuming a large portion of national resources hereby creating economic inefficiencies, incurring huge financial resources and absorbance of disproportionate share of credit especially in the form of foreign loans. It could be used interwovenly with commercialization though privatization involves the sale of government owned company to private investors or individuals who now becomes the new owners changing the way government owned companies operate to ensure that they run commercially and make profit the existing differences is their ownership structure.

 

1.3  Purpose of the study

       The primary purpose or aims of the study is to find outs why government had decide to embark on privatization programme and their implication in economics policy and developments in Cross River State. It is worthy of note that the primary goals of privatization programme is to make the private sector, the leading engine growth of the Cross River State economy the government intends to use the privatization programme to take Cross River State back into the global economy as a plant form to attracts foreign direct investment in an open, fair and transparent method.

  1. To send a clear message to local and international community that a new and transparent Cross River State is open for business.
  2. To Restructure and revitalize the public sector in order to substantially reduce the dominance of unproductive government investment in the sector.
  3. To create jobs, acquire now knowledge, skills and technology and expose Nigerians to internationals competition.
  4. To raise funds for financing socially eradicated programme such as poverty eradicated programme such as poverty eradication, wealth creation and infrastructure.

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