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This decline in oil price led to a decline in oil revenue available to the government.Consequently, the country could no longer support the economy, so in that case, government was forced introduced the structural Adjustment Programme (SAP) in 1986, which aimed at correcting the imbalance in the economic development of the country.Onimode (19) sees public enterprises as an embracement of all undertakings, which are directed by a branch of the government itself, or body that has been established by the government to direct such under takings in the public interest.
By the beginning of the third National Development plan; the public sector had a domineering economic role in Nigeria.
The number and variety of these public enterprises steamed from the general thinking that it is to public enterprises that is assigned the greater part of the task of laying the basis upon which the structure of a dynamic and diversified economy is to arise.
1.7 LIMITATIONS In the course of this study the researcher had to content with the understated problems. C (1993) The monetary economics Theory, policy and Institution Hibrid publisher Onitsha Nigeria.
(i) Time constraint: The stipulated time frame for this study was not enough that is, the time is considered two short for a topic as wide and interesting as this to be adequately and effectively handled. Baycko et al (1993) A theory of privatization Harvard University Boston. C (1982) why government owned enterprises perform poorly Business time July.
But over the years the growth of the public sector activity was not accompanied by sustainable economic growth rate anticipated by the planners, or policy makers.
Thus in the wake of the world economic recession of the early 1980s, due to the oil glut in the world market, prices of oil declined.1.4 SIGNIFICANCE OF STUDY This study is expected to be of great importance to economists and other scholars interested in this as an area of study and also policy maker’s bodies in governance as well as researchers.It will also keep Nigerian populace informed about the economic impacts of privatization and commercialization of public enterprises in the economy.Its concern is usually limited to the creation of the correct economic and institutional frame work to enable the private sector operate. Although it was only after the devastating effects of the economic depression of the late 1920s and early 1930s that the government of capitalist countries of Western Europe were compelled to think seriously in getting involved directly in economic activities in order to ensure stability and efficiency of the state especially, with the collapse of the private enterprises during the depression, Idehai et al 1995.Shirley and Nellis (1991) pointed out that the economic justification for public enterprises in the developing world and other places has been based largely on the notion of market failure, that under certain conditions the market produces optical economic outcomes such as how production and extreme of wealth and poverty.While many speak strongly in favour of privatization and commercialization, others dismissed the whole idea, they rather prefer government to continue supporting those public corporations utilities and in support of their argument; with series of examples as government being the greatest employer of labour and the most effective means of ensuring economic equality of the citizens.