AN EVALUATION OF PRIVATIZATION PROGRAMME AS AN EFFECTIVE TOOLS FOR ENHANCING PRODUCTIVITY PUBLIC ENTERPRISE IN NIGERIA

(A CASE STUDY OF POWER HOLDING COMPANY NIGERIA PLC)

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CHAPTER ONE

Introduction- – – – – – – – 1
Historical background of study- – – – – – 1
Statement of problems- – – – – – – 9
Significance of Study- – – – – – – 10
Objective of study- – – – – – – 10
Hypothesis- – – – – – – – – 12
Scope and Limitations of the study- – – – – 12
Definition of terms- – – – – – – 13

CHAPTER TWO- Literature review

Introduction- – – – – – – – 15
Theoretical Framework – – – – – – 17
Historical Background of Privatization – – – 34
Policies of Privatization of Commercialization in Nigeria 44
Reasons for Privatization and Commercialization – – – 56
Problems of Privatization and Commercialization in Nigeria 58
The Gains of Privatization and Commercialization in Nigeria 64
Conclusion – – – – – – – – 67

CHAPTER THREE – Research Methodology

Research Design – – – – – – – – 68
Research Population and sample Size – – – 68
Instrument for Data Collection – – – – – 69
Justification of method Used – – – – – 70
Method of Data Analysis – – – – – 71
Justification for the Instrument Used – – – – 73

CHAPTER FOUR – Presentation and Data Analysis

Introduction- – – – – – – – 73
Data Presentation and Analysis – – – – – 73
Summary of the finding- – – – – – – 82
Test of hypothesis- – – – – – – – 56

CHAPTER FIVE – Summary, Conclusion and Recommendations

Summary – – – – – – – – – 86
Conclusion- – – – – – – – – 87
Recommendations– – – – – – – 88

Bibliography- – – – – – – – 91

Appendix I

Appendix II

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Privatization of state-owned enterprises (SOEs) has become a key component of the structural reform process and globalization strategy in many economies. Several developing and transition economies have embarked on extensive privatization and commercialization programmes in the last one and a half decades or so, as a means of fostering economic growth, attaining macroeconomic stability, and reducing public sector borrowing requirements arising from corruption, subsidies and subventions to unprofitable SOEs. By the end of 1996, all but five countries in Africa had divested some public enterprises within the framework of macroeconomic reform and liberalization (White and Bhatia, 1998).

In line with the trend worldwide, the spate of empirical works on privatization has also increased, albeit with a microeconomic orientation that emphasizes efficiency gains (La Porta and López-de-Silanes, 1997; D’Souza and Megginson, 1999; Boubakri and Cosset, 1998; Dewenter and Malatesta, 2001). Yet despite the upsurge in research, our empirical knowledge of the privatization programme in Africa is limited. Aside from theoretical predictions, not much is known about the process and outcome of privatization exercises in Africa in spite of the impressive level of activism in its implementation.

Current research is yet to provide useful insights into the peculiar circumstances of Africa, such as the presence of embryonic financial markets and weak regulatory institutions and the manner in which they influence the pace and outcome of privatization efforts. Most objective observers agree, however, that the high expectations of the 1980s about the “magical power” of privatization bailing Africa out of its quagmire remain unrealized (Adam et al., 1992; World Bank, 1995; Ariyo and Jerome, 1999; Jerome, 2005).

As in most developing countries, Nigeria until recently witnessed the growing involvement of the state in economic activities. The expansion of SOEs into diverse economic activities was viewed as an important strategy for fostering rapid economic growth and development. This view was reinforced by massive foreign exchange earnings from crude oil, which fuelled unbridled Federal Government of Nigeria (FGN) investment in public enterprises. Unfortunately, most of the enterprises were poorly conceived and economically inefficient. They accumulated huge financial losses and absorbed a disproportionate share of domestic credit. By l985, they had become an unsustainable burden on the budget.

With the adoption of the structural adjustment programme (SAP) in 1986, privatization of public enterprises came to the forefront as a major component of Nigeria’s economic reform process at the behest of the World Bank and other international organizations

1.1.1 HISTORICAL BACKGROUND OF POWER HOLDING COMPANY NIGERIA

A major energy product which has emerged from the development of Nigeria’s energy resources is electricity. Although at independence in 1960 the country inherited a rudimentary electric power generation and distribution system under the Electricity Corporation of Nigeria (ECN) and later changed to NEPA.

Nigeria’s Electric Grid is being run on hydroelectric and thermal plants. The former are predominantly utilized in the northern part of Nigeria while the later which are fueled by petroleum appear to be largely favoured in the southern parts. The disadvantages of these approaches become evident in the harmattan seasons when the water level drops and in the chronic spate of fuel scarcity.

Nigeria has about 5,900MW of installed electric generating capacity consisting of 3 hydro-based stations and 5 thermal power plants. Nigeria faces a serious energy crisis due to declining electricity generation from the power plants. Power outages are frequent and the power sector

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