Abstract:
Organizations must keep pace with modern world of enterprises and industry. In the second world, state corporations still account for more than half of the industrial output and in far advanced third world, societies are being shaped by market economies. This involves privatizing what was once nationalized industries and removing major obstacle to trade. Privatization when well conceived is the process whereby state-owned enterprises are sold to entrepreneurs who will compete without any official projection. For it to benefits society, there must be true nationalism, honesty of purpose, initiative and sense of responsibility to the society. Therefore, enterprises and suggest ways through which privatization of these enterprise can be carried out. The procedures adopted in carrying out the research are mainly historical and analytical. The sources of the data collected are both primary and secondary. The hypothesis of this study will be tested on the basis of the data collected and these tests will be conducted through the use of Chi-Square (x2) tests. The project state why public enterprises are inefficient, the need to privatize them and the implication of privatizing them, as can be interred from chapters I-iv. The Federal Government is embarking on the privatization of state owned enterprises as a way of putting the Nigeria economy on the path of sustainable development. The objective is to realign our economy with the global trend by restructuring the public sector in a manner that will effect a revitalized, efficient and service oriented sector. So far, privatization in Nigerian can be said to be a curse than a blessing. It has neither generated innovative entrepreneurial spirit among the few who bought the public enterprises with an unearned income nor in anyway increased the general productivity of Nigeria. Therefore, some recommendations to ensure the successful privatization and efficiency of these enterprises were advanced and the researcher concluded accordingly.
