IMPACT OF PRIVATE SECTOR DEVELOPMENT ON ECONOMICS GROWTH IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1   Background of the Study

Worldwide, state controlled or centrally planned economics are being substituted with market-oriented economies with the private sector as the main engine of growth. In that regard, several  developing countries including Nigeria, have embarked on initiatives to boost the investment regime, trade liberalization and privatization of state owned enterprises. The emphasis on private sector development coupled with the growing globalization of world production and trade in recent years have made investment, particularly foreign direct investment. Very crucial in industrial development in particular and economic development in general.

Generally, the private sector is regarded as the major driver of any country’s economy. This is because efficiency, competition and creativity form the oil which lubricates the engine of growth in business. For instance, the positive transformation witnessed in the telecommunication industry, as a result of private sector involvement in the industry cannot be forgotten in a hurry. The telecommunication, hitherto of the transformation was ineffective and efficient and inaccessible but, immediately after the transformation has been performing relatively well. Recently, the telecommunication has grown from just communication function to facilitate economic activities of the country. Also, the sector has employed million of graduates and these people have been contributing to the growth of Nigerian economy, and also is the banking industries.

Over the years, Nigeria no doubt has adopted a private sector led growth with emphasis on policies that will promote investment and industrial development. Recognizing the leading role of the private sector organizations in economic growth does not necessarily mean that the nature of its role is fully understood with so much focus on the role of the private sector throughout the world, the key question to ask is how can the government, individuals non-governmental agencies, private organization made to be involved in preaching the economic gospel of a private-led economy. It is against this background that this research work take its bearing from.

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