Contending Issues in the Niger Delta Crisis of Nigeria - Journal of ...

Olawale Olaopa, Ibikunle Ogundari, Mike Awoleye, and Willie Siyanbola
These notwithstanding, it will also be highly necessary to create
a supportive enabling environment, including favourable
macroeconomic conditions, a well functioning legal system and
adequate financial markets and institutions for private sector and
enterprise development (Elumilade, Op cit). Above all, there must be
the political will from the leadership to support the programme
considering the severe resistance it is bound to receive from the
bureaucrats (Ibid).
All these issues which are involved in the planning for
successful deregulation and privatization are synoptically summarized
and outlined by Usman (1999) as government commitment and
articulation of its roles and objectives, planning for success,
establishment of an appropriate legal and regulatory framework,
organizing for privatization, planning for mass, or widespread,
participation and planning for the financing of privatization.
However, given the aims, rationale and benefits of deregulation and
privatization as highlighted by the federal government, it is imperative
to examine how realizable these benefits are and to what extent has
the policy been able to eliminate the seeming poor performance of the
oil sector.
On the basis of the market failure theory and in spite of several
economic rationale, Galbraith (1978) and Samuelson (1983) doubt the
efficiency of the market system (privatization) in managing and
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