Globalization and privatization in Nigeria: “Phenomena’’ Worth Re-thinking?

This study examined globalisation and privatisation in Nigeria as phenomena warranting critical re-evaluation, with the objective of proffering reasons why the Nigerian state should withdraw from economic and financial sector liberalisation. Adopting a documentary research method, the study drew upon materials from books, peer-reviewed journal articles, internet-based resources, and official government documents. The analysis highlighted structural adjustment programmes (SAP) as the forerunner of globalisation in developing countries, noting that such programmes were promoted on the premise that they would enhance the efficiency, administration, and management of public enterprises. In effect, the adoption and implementation of SAP components, encompassing deregulation and liberalisation of the economy, privatisation of public enterprises, devaluation of the domestic currency (the naira), and withdrawal of subsidies from public services, constitute what is now understood as globalisation. The Nigerian state embraced these reforms in expectation of promoting macroeconomic growth; however, the resultant unrestrained neo-liberal experimentation and commercialisation of social service provisioning have hampered the country's overall development agenda and precipitated further deterioration in citizens' wellbeing. Consequently, the study recommends that the Nigerian state: (i) adopt the rollback theory and exempt itself from norms governing the open liberal economy; (ii) emulate the Malaysian globalisation model, which encourages local capitalists to establish new enterprises; and (iii) cultivate state capitalism to foster improvement in the real economy.