Abstract

The world economy entered the 21st century with the optimism of extending the frontiers of technological advancement of the past centuries to accelerate individual national growth and economic development. Disenchantment with erstwhile induced growth and emergence of rapid privatization and market economy appeared to be the only option for attaining the goals hitherto impossible under the hegemony of state-led developmental initiatives. This paper examines the plausibility of privatization argument that the desired level of growth and sustainable development can be achieved in an environment of passive government involvement in the economic processes given the structural rigidity and imbalance of the Nigerian economy.