Privatization and Foreign Investments in Nigeria

Abstract

Nigeria's political economy has straddled the ideological divide between socialism and capitalism. The country produces oil, and at some point in its existence, it embarked on robust state involvement in the economy. This was marked by the acquisition, or establishment, of numerous state enterprises. Over the years, the performance of these enterprises was found to be dismal, and as part of the overall reform of the economy, Nigeria has joined the global trend toward reduction in direct state ownership of enterprises. Indeed, it has embarked on massive divestment of state interests in once publicly owned firms. Besides the universal rationale of efficiency, one of the objectives of the privatization exercise in Nigeria is the attraction and retention of foreign investments. This work examines the direct and indirect linkage between the government's divestiture of its interests in firms, on the one hand, and foreign investments in the country, on the other hand.

The book is divided into seven chapters.

About the Author

Dr. Azubuike holds a Bachelor of Laws (LL.B) (Hons.) degree (Calabar, Nigeria), two Master of Laws (LL.M) degrees (Ife, Nigeria and Georgia, USA), and a doctorate degree in Law (S.J.D.) from Golden Gate University, USA. He previously practiced law in Nigeria and is a former lecturer at the University of Calabar, Nigeria and the Nigerian Law School, Lagos. Dr. Azubuike is a member of the bars of Nigeria and New York. He is currently an attorney and counselor in New York.