INTRODUCTION The involvement and role of any Government in the development of a nation is very vital in the social and economic spheres of development. These are visible in the industrial and manufacturing sectors, the incorporation of companies, corporations and departments. The organizations which are involved in the activities of the government are known as public enterprises. These organizations may be small, medium or large scale (.EssayUK, 2017). There is no generally accepted agreement among scholars with regards to the definition of public enterprises. This lack of general agreement among scholars emanated from the variations in the nature of public enterprises, their organizations, functions and control among countries. Consequently, these differences makes it difficult for a universal definition without prejudice to the right of any person to participate in areas of the economy within the major sectors of the economy. According to EssayUK (2017) in an attempt to make a contribution to the definition states that public enterprises meant institutions wholly or partly owned by the government, created outside the framework of civil service, to perform some vital developmental functions which the deficiencies of the public bureaucracy make incapable of understanding. Onimode (1988) sees public enterprises as the embracement of all undertakings, which are directed by a branch of the government, or body that has been established by the government to direct such undertakings in the public interest. In many developing countries like Nigeria, ideology has not played so much significant role in the shaping of the economic activities and thinking. The major factors responsible for the rapid spread of public enterprises are found mostly in the realms of infrastructural, social and economic considerations. So public enterprises in Nigeria as in other developing countries are development oriented in nature (EssayUK, 2017). In developing countries like Nigeria, large public resources were used for the creation and development of public enterprises, especially in the 1970s, these contributed to the accelerated growth of public enterprises in number, size and complexity. For instance, based on the public enterprises policy in the decade of the seventies, the oil boom years, Nigeria developed a large public sector as banking, cement, insurance, oil prospecting, refining and marketing, cement and paper mills, hotels and tourism. Also, fertilizer plants, motor assembly, plant railways, seaports and air ports, roads, bridges were constructed (Ibid). 1
In agreement with the 1974 amended decree of the second national development plan says that the increased establishment of public enterprises in Nigeria at the time was based mainly on the reasons that they were going to be leading edge of modernization and the government of resource for further investment which constitutes an increased economy, guarantee control away from foreign interest and lead the country towards self-sufficiency in the production of goods and services.
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- Spring '17