The contextual issues in Nigeria’s privatization process can be said to be synonymous with economic growth. The contention here is that there cannot be privatization without adequate and viable socio-economic growth. The two concepts therefore are mutually reinforcing as well as complementing for overall economic development and sustainability of any society at large.
By economic growth, is meant the ability of any given economy to provide goods and services, increase human development and capacity, job creation, poverty alleviation, provision of infrastructures, etc. Broadly speaking, economic growth occurs as the economy increases its human and natural resources and plans how to employ them more productively (Gbosi, 2001).
From the economic backdrop, it is easy to consider the concept of growth from the level of increase in Gross Domestic Product (GDP), Gross National Product (GNP) as well as Net National Product (NNP) respectively. Political scientists however hold contrary views on the concept of growth. To them economic growth which does not reflect the interest, aspiration, welfare as well as guarantee the greatest happiness for the greatest number cannot be called growth in the sense of the word.
This means however, that there can be economic growth without development and sustainability as in the case of Nigeria (Ake, 2001). Consequently, available data shows that the various macro-economic policy measures adopted in Nigeria apparently have not achieved the desired result. Major factors however, are responsible. From all indications, the Nigerian economy is basically characterized by rising levels of unemployment, high food shortages, inflation, poverty and hunger, disease pandemic like HIV/AIDS, exam malpractice, electoral malpractice, high crime rates, prostitution, rape, child abuse and trafficking, among others. All of these are basic economic indicators to show that Nigeria’s privatization process is still a sham and, so, privatization and socio-economic growth are poles apart in the scheme of things in Nigeria (Ogbosi, 2001).
From the foregoing analysis therefore, it becomes difficult to compare or rather equate the Nigerian privatization process with economic growth because within this framework, there can be growth without corresponding development. The astronomical increase in Nigeria’s foreign reserve arising from sale of excess crude oil in recent times have only left more Nigerians in the dark while the rhetorics of Yar Adua’s Seven-Point Agenda, of which the power sector takes the top-most priority, is only at the level of policy statement. Nigerians are still waiting patiently to have such policies translated into creative and meaningful outcome in the interest of over 140 million citizens