Copyright (c) 2005 Tulsa Journal of Comparative & International Law
Tulsa Journal of Comparative & International Law
ARTICLE: PRIVATIZATION AND FOREIGN INVESTMENTS IN NIGERIA
13 Tulsa J. Comp. & Int'l L. 59
Lawrence Azubuike +
Following the seemingly successful outcome of the British experience in privatizing otherwise state-owned enterprises (SOE) 1 in the 1980s, 2 and the collapse of communism, the world witnessed a reduction in direct state involvement in economies. 3 There is now a de-emphasis on direct government participation in enterprises. What were once state-owned companies are being transferred to private hands. 4 In another sense, privatization is part of the overall restructuring of the political and economic lives of many nations; from communism to market economies, from dictatorship to democracy, and, in the case of developing countries, from neo-colonialism to an attempt at true independence. 5
Nigeria is the most populous country in Africa. It has had its own share of the oscillation between robust state participation in the economy and capitalism. Its history is marked by political instability, as evidenced by its attempts at civilian administration frequently interrupted by military interventions. Consequently, Nigeria has witnessed the dilemma of the tension between free enterprise and the nationalism notionally ensured by a state-run economy. Nigeria desires foreign capital in the form of foreign investments for its economy. This article analyzes Nigeria's effort to resolve this dilemma by privatizing SOEs. It attempts an assessment of the exercise, which in one sense is more than a decade old, and in another sense is five years old. In particular, it examines the extent to which the exercise has promoted, or is capable of promoting foreign investment. Part II gives a brief background ...
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