Structural Adjustment Programme and the Nigerian Economy...

INTRODUCTION The Nigerian economy has several activities sectors which include agriculture (crops), livestock, forestry, fishing, manufacturing, crude petroleum mining and quarrying, utilities, building and construction, transport, communication, wholesale and retail trades, hotels and restaurants, finance and insurance, real estate and business services, housing, producers of government services and community, social and personal services. However, with the advent of the crude petroleum sector and its attendant boom in the international market, all other sectors of the Nigerian economy have experienced serious neglect by the government, thus resulting to an unbalanced economy. Nigeria’s population as a nation is so large that no†¦show more content†¦Broadly defined, privatisation is an umbrella term to describe a variety of policies which encourage competition and emphasise the role of market forces in place of statutory restrictions and monopoly powers. The first definition relates to programmes of privatisation without structural adjustment, such as has been the case in most developed countries, e.g. U.K., France, etc. The second definition relates to a programme of privatisation as an integral part of a Structural Adjustment Programme, such as we have in Nigeria. Commercialisation, on the other hand, can be defined as the re-organisation of enterprises, wholly and partially owned by the Government, in which such commercialised enterprises shall operate as profit-making commercial ventures without subvention from the Government. Under World Bank structural adjustment, the government tried to eliminate inefficient state intervention and obtain budgetary relief by abolishing agricultural commodity marketing boards and liberalizing cash-crop exports. These measures, together with devaluation, increased the naira prices of export crops, especially cocoa. The state also privatized many public enterprises by selling equity to private investors, while restructuring other parastatals to improve efficiency. 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