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Privatisation and Entrepreneurship Development in Nigerian Economic Growth

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Privatisation and Entrepreneurship Development in Nigerian Economic Growth Advances in Social Sciences Research Journal – Vol.6, No.9 Publication Date: Sep. 25, 2019 DoI:10.14738/assrj.69.7005. Igbari, O. (2019). Privatisation And Entrepreneurship Development In Nigerian Economic Growth. Advances in Social Sciences Research Journal, 6(9) 75-86. Privatisation And Entrepreneurship Development In Nigerian Economic Growth Olusola Igbari, Ph.D. CrowtHer Graduate THeological Seminary, Abeokuta Ogun State, Nigeria (In Affliation WitH Ajayi CrowtHer University, Oyo) ABSTRACT The fundamental goal for the pursuit of efficient growth; equity; support of entrepreneurship development; alleviation of poverty and environmental protection as well as meeting other needs is seemingly the desire of the Nigerian government and one of its arsenal of actualizing this goal is fund generation through privatization of the public sector. But the reality of the phenomenon has become a conceptual trump card, so politicized that it no longer implies the same meaning it did from the beginning. The study used descriptive method to examine Privatization as a phenomenon and its attendant effects on Entrepreneurship Development vis-à-vis the Nigerian Economic Growth through secondary data collection. It observed the need for the participation of both government and private sector in the development of entrepreneurship which is a key factor to the growth of the nation’s economy. It concludes that the failure of the government in its privatization policies and serious support for small scale industries has contributed to the underdevelopment of the economy. It recommends that government should at all levels establish a strong support and create an enabling environment for small scale industries to thrive. Key Words: Privatisation, EntrepreneursHip, Development, Economic GrowtH. INTRODUCTION Today, people often talk about privatization and it is often said tHat wHat tHe nation needs is more of privatization because the evidence of its accelerated interest in the last two to three years is striking. But tHe reality of tHe pHenomenon Has become so politicized that it no longer implies the same meaning it Had from the beginning. It Has become one of the most familiar words tHat are used witHout its life cHanging ideology. Shirley stated tHat today, Governments of very different political and ideological streams are bent on privatizing, and governments that are already privatizing are moving from selling small retail outlets and industries to selling larger mining and infrastructure enterprises.1 Fund generation tHrougH privatization of the public sector is the fundamental goal for the pursuit of efficient growtH; equity; support of entrepreneursHip development; alleviation of poverty and environmental protection as well as meeting other needs is arsenal in tHe Hand of tHe government. THis implies tHat every government or leadersHip desire to see tHat tHe economy of tHe nation grows and entrepreneursHip development is totally met, but tHese goals do not seem being met. Gberevbie et al said tHat Privatization is an act of government witHdrawal of control from tHe working of an aspect of tHe economy and leaving same in tHe Hands of tHe private sector operators for more efficient use of tHe resources and to bring about development in tHe 1M.M. Shirley, The What, Why, and How of Privatization: A World Bank Perspective, 60, (FordHam: PritcHard Press 1 992), 23. Copyright © Society for Science and Education, United Kingdom 75 Igbari, O. (2019). Privatisation And Entrepreneurship Development In Nigerian Economic Growth. Advances in Social Sciences Research Journal, 6(9) 75-86. society.2 What Happens after government witHdrawal of control seems not to be tHe concern of any body, tHe reality is far from wHat is been said. According to SHirley, tHe World Bank’s interest in privatization stems from its fundamental goals to Help its borrowers achieve efficient growtH witH equity, wHile reducing poverty and protecting tHe environment.3 Hence, privatization can be an important means to tHese ends. She noted furtHer tHat tHree questions about privatization sHould be addressed. THe first question is twofold: wHat is privatization and wHat is happening in privatization? The second important question witH respect to privatization is: wHy sHould you privatize? Finally, tHe question of how to privatize must be addressed.4 These questions are important and apparent to ensure tHat proper attention is given to a detailed study of tHe wHole concept witH keen interest to know tHe needful about privatization, entrepreneursHip development and economic growtH of tHe nation. THey are designed to ex- ray tHe relationsHip witH eacH otHer and to avoid tHe situation of using privatization as a conceptual trump card to entrepreneursHip development and economic growtH. DEFINITION OF CONCEPTS: PRIVATIZATION, ENTREPRENEURSHIP DEVELOPMENT AND ECONOMIC GROWTH Explaining the crucial concepts leading to the purpose of this paper is very appropriate due to tHe fact tHat tHese terms have been used witH different toucHes in many ways to mean different tHings from time to time; hence, it is needful explaining tHem in tHe context of tHis paper. Privatization According to Dudley, tHe Economist magazine introduced tHe term ‘privatization’ (alternatively ‘privatisation’ or ‘reprivatization’ after tHe German Reprivatisierung) during tHe 1930s wHen it covered Nazi Germany‘s economic policy.5 Kammerer noted that it is not clear if the magazine incidentally invented tHe word in EnglisH or the term is a loanword from the same expression in German, wHere it has been in use since tHe 19th Century.6 Privatization as defined by Onah is a means of relying more on tHe private institutions of tHe society and less on government to satisfy people’s needs or it applies to a deliberate policy to reduce tHe role of government and subsequently expand tHe role of tHe private sector.7 While AbdullaHi sees privatization as tHe divestment from state-owned enterprises and transfer of ownersHip to private Holding by government as a consequence of tHeir poor economic performance and provision of inefficient services.8 Savas adds tHat it is tHe cHanging from an arrangement witH HigH government involvement in enterprises to one witH less government involvement.9 In otHer words, privatization is a subsequent instrument used to reduce tHe role 2D.E. Gberevbie et al. “Deregulation Policy and Development in Nigeria: THe Petroleum Sector Experience, 1999 – 2014,” in Journal of Social Development in Africa, Vol. 30, No. 2, 2015, 131. 3M.M. SHirley, The What, Why, and How of Privatization: A World Bank Perspective, 60, 23. 4M.M. SHirley, The What, Why, and How of Privatization: A World Bank Perspective, 60, 23. 5E.R. Dudley, The Pursuit of Reason: The Economist, 1843 – 1993, (Harvard: Harvard Business School Press, 1995), 946. 6J.A. Kammerer, Privatisierung: Typologie – Determinanten – Rechtspraxis – Folgen, (Germany: Mohr Siebeck Verlag, 2001), 7. 7F.E. OnaH, “THe Impact of Economic Globalization on Nigeria’s Industrial Sector,” Nigerian Journal of Social Sciences, 4(1), 2004, 254. 8I.B. AbdullaHi, “Privatization of Nigerian Public Enterprises: Lessons from Developed Countries,” Ilorin Journal of Business and Social Sciences, 9, No. 1 & 2, 2004, 105. 9E.S. Savas, Privatization and Public-Private Partnerships, (CHatHam, NJ: CHatHam House, 2000), 187. URL: http://dx.doi.org/10.14738/assrj.69.7005. 76 Advances in Social Sciences ResearcH Journal (ASSRJ) Vol.6, Issue 9 Sep-2019 of government and expand tHe role of tHe private sector or transfer of its investment to tHe private sector as a result of perceived inefficiencies. Gberevbie, agreed witH AbdullaHi wHo furtHer explains tHat privatization of private enterprise is based on tHe premise tHat private sector is an instrument for realizing productive, allocative, efficiency and HigHer economic growtH in a society.10 Beeman states tHat tHe word privatization may mean different tHings depending on tHe context in wHicH it is used. It can mean moving something from the public spHere into the private spHere, but it may also be used to describe sometHing tHat was always private, but Heavily regulated, whicH becomes less regulated tHrough a process of deregulation. THe term may also be used descriptively for sometHing tHat Has always been private, but could be public in otHer jurisdictions.11 Metzger averred tHat: Private entities provide a vast array of social services for the government; administer core aspects of government programs; and perform tasks that appear quintessentially governmental, such as promulgating standards or regulating third-party activities. He mentions an expansion of privatization that includes health and welfare programs, public education, and prisons.12 In tHis way, tHe process and premise wHicH refers to tHe divestment of tHe government of its ordinary sHareHolding from a state-owned enterprise promises better provision of goods and services at lower cost in a society for tHe development of tHe people and growtH of tHe economy. Devroye, Slyke, Nwokoma state tHat true privatization is not tHeoretical or speculative, but measurable, attainable and realistic, and directed towards small scale development and economic growtH.13 Consequently, privatization must be geared towards answering tHe growtH and developmental questions wHicH tHe small scale industries are asking in tHe ligHt of tHe huge resources in the hands of the government and that are concentrated in the hands of few people wHile tHe majorities are being confronted witH tHe exigencies of
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