Vision and Mission of Privatization in the 21st Century
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National Association for the Advancement of Knowledge NAFAK
Abstract
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Privati zation can be defined as the process whereby the ownership of public
sector enterprises is transferred to private investors. Prior to 188, Nigeria
witnessed the practice of regu lated economies. Companies operated with the
business objectives of providing goods and services at reasonable prices and
at reasonable profits to the company. Empowered by the privatization and
commerciali zation act of 1988, the Federal government in all had 89
enterprises privatized between 1988 and 1993 in her first phase of the three
phased privatization programme. The enterprises include all government
concerns including banks. insurance companies, hotel s, flour mills etc. The
essence was to give better and more efficient structure to the Nigerian
economy while the numerous benefits will accrue to the teaming population.
Therefore this paper will discuss the genesis, types, and modalities of
privatization. It will also appraise the achievements so far and what vision
and mission it should possess in the 21" century.
Keywords
HF Commerce