IMPACT OF PUBLIC ENTERPRISES ON SOCIO-ECONOMIC DEVELOPMENT
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IMPACT OF PUBLIC ENTERPRISES ON SOCIO-ECONOMIC DEVELOPMENT
Chapter One: Introduction and Background of the Study.
There are numerous grounds for the development of public businesses and their involvement in a country’s economic activity. Nigeria’s public enterprises were founded following World War II.
The post-independence period saw the spread of public enterprises in Nigeria, prior to the colonial authority using local government as a development strategy.
Their foundation indicates the government’s ambition to guide and direct socioeconomic progress and development in the country, as expressed by Gboyega.
“They are an incursion into essential economic and social areas that private enterprises are reluctant or incapable of entering due to either the enormous capability involved or the low profitability of promoting employment and skills required for maintaining stability in a depressed economy and the equitable distribution of community needs.
The existence of public companies is critical for a developing country like Nigeria since they serve as tools for implementing socioeconomic development plans and supplying needed goods and services to the general population at competitive prices.
This study focuses on the good and negative effects of public companies on socioeconomic development in Kaduna State, as well as the issues linked with their activity. More particularly, this research will look at Zaria Industry, one of Kaduna State’s public firms that is projected to contribute to the state’s economic development.
In this regard, what is the company’s economic and social influence on the development and people of Kaduna State? Public enterprises are partially or completely owned and controlled by the government with the specific goal of generating and accelerating socioeconomic progress and development in the country and Kaduna State.
The government thinks that public companies alone may play a critical role in accelerating development; the goal was to transition from its traditional caretaker and regulatory function to active engagement in the economy’s producing sectors.
Nigerian public businesses operate in a wide range of industries, including steel manufacturing, oil refining and mining, fertiliser production, and hydroelectric power generation. Power generating, banking institutions, and so on.
This means that the government takes an active involvement in various sectors of the economy in order to reap the benefits of economic growth for general socioeconomic development and progress.
In other words, the work is being done to assess the contributions of public firms, represented by the organisation in issue, Zaria Industry, to the economic development of Kaduna state.
Statement of the Problem
In Nigeria, there is widespread criticism that governmental enterprises are inefficient and corrupt, contributing negatively to economic progress. Inputs into public enterprises and their contributions to economic development remain quite modest. On this basis, a study of this nature becomes unavoidably necessary.
The administration of Kaduna State established the organisation under review (Zaria Industry). Its creation was intended to contribute to the state’s industrial development while also providing jobs for the people.
A survey of Nigeria’s economy reveals that public enterprises are established to promote national economic development, to provide for the happiness and prosperity of all Nigerians by producing certain essential and vital goods and services for the Nigerian public,
and to ensure that the country is not held hostage by a group of self-centered and unscrupulous entrepreneurs. In this regard, what is the company’s social and economic impact on the development of Kaduna State?
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