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ECONOMIC REFORM PROGRAMMES

CONTENT

  1. Privatization and Commercialization
  2. THE EFCC and ICPC
  3. The Standard Organization of Nigeria (SON)
  4. The National Agency for Food and Drug Administration Commission (NAFDAC)

 

Privatization and Commercialization

Privatization

This can be defined as the deliberate policy and action of government in transferring the ownership, control and management of government owned enterprises to private individuals.  Privatization goes beyond restructuring and re-organization of public sectors. It also deals with the wholly or partly transferring of public enterprises to private sectors.

Objectives of Privatization

There are some reasons for privatizing public enterprises in a country.

  1. Free Market Economy: Privatization is meant to embark on systematic conversion of public enterprises to private sectors to permit free market economy.
  2. Restructuring: Privatization restructures the public sectors in a country in order to identify and also reduce the dominated number of unproductive investments and firms in the public sector.
  3. Employment Opportunities: Like commercialization, privatization creates employment opportunity and avenue for acquiring new knowledge and technique in the production and distribution of essential commodities in the country.

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Lesson tags: Economics Lesson Notes, Economics Objective Questions, SS3 Economics, SS3 Economics Evaluation Questions, SS3 Economics Evaluation Questions Second Term, SS3 Economics Objective Questions, SS3 Economics Objective Questions Second Term, SS3 Economics Second Term
Back to: ECONOMICS – SS3 > Second Term
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