INTRODUCTION:
1.1 BACKGROUND OF THE STUDY
The privatization programme of the fist phase was said to benefit many Nigerians who were given the opportunity to purchase shares offered for sale by way of public offer. Subscription of shares during the phase one was largely successful with many public offers. However, there were a large number of Nigerian citizens who due to difficult economic realities in their present time were unable to put aside a few thousand naira required to purchase a small share holding in the enterprises which were offered for sale in the course of the privatization programme.
Recently, the federal government have come up with a means whereby the low-income earners and rural dwellers will participate in the on-going privatization programme. Today, banks have been instructed to give out loans without collaterals for the purchase of share up to N10,000 worth of shares within each five year period. This is being carried out by privatization share purchase loan scheme (PSPLS) which requires that one registers and later apply for share purchase and repayment on be through divided, cash, conversion of bonuses and right and sale of all or part of their allotments in the secondary market.
This new development in the privatization programmer early motivated me to carry out a project research on the topic: “The problems and prospects of privatization in Nigeria” using Nigeria Breweries Plc as case study.
In such direction I am of the opinion that at the end of the work, it will instigate the reader to participate in the on-going privatization programme.
1.2 STATEMENT OF THE PROBLEM
This research work is embarked upon to escertain the financial problems and prospects of privatization in Nigeria using Nigeria Breweries Plc as case study. Nigeria Breweries Plc started operation in the precolonial days with limited share holding of the public recently became one among the public limited companies mapped out for privatization in the countries by the federal government under the commercialization and privatization Act.
To get the plan achieved, it was discovered that finance poses a great challenge to the successful implementation of privatization in many developing countries especially Nigeria; hence, federal government issued directives to bank to give out loan without stringent condition for the purchase of shares up to N10,000 worth of shares.
1.3 OBJECTIVE OF THE STUDY
The research work is meant to achieve the following objectives:
To find out if lack of funds for the purchase of shares a problem for successful privatization.
To determine if there is limiting problem in the privatization of government enterprises in Nigeria.
To ascertain if there are other financial problems in on-going privatization programme.
To ascertain if privatization of government interprises a good option for development in Nigeria.
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