The Problems of the Public Enterprise System in Nigeria: Capitalist Privatization or Management along Islamic Lines?

Abstract

The Nigerian public enterprise system has been quite large in size and scope of operations. Because of its importance, concern has been shown over the problems which are likely to hinder the efficient operation of the system. This paper examines the system to underscore its problems, and the sort of efforts being made or proposed to solve them. It focuses on privatization, which is being touted as the panacea to all problems. The argument is made that the privatization process, within the capitalist ethos and framework, would hardly be a viable option to follow in order to address the present problems. Both the theoretical and empirical bases of this argument are discussed. On this basis, the necessity of an Islamic perspective to the problems of public enterprise is suggested.