THE ROLE OF ACCOUNTING IN THE CONTROL OF PRIVATE AND PUBLIC SECTORS OF THE NIGERIA ECONOMY(A CASE STUDY OF CHIDEX GROUP OF COMPANIES AND POWER HOLDING NIGERIA LTD)

Thesis Overview

<p> </p><p><strong>1.1 INTRODUCTION</strong></p><p>In most developing countries Nigeria, government<br>participation in economic activity is usually significant. One of the way<br>through which the Nigeria economy grows is through the establishment of public<br>enterprises. Public enterprises are statutory bodies operating services of an<br>economic or social character or both on behalf of the colonial era. Especially after independence in 1960,<br>Nigeria public enterprises have witnessed a steady growth until recently. As “o<br>lies (1988.133) puts it.” Beginning as a twinkle in the period between the era<br>of the second world war and Nigeria attainment of independence, and the<br>creation of public co-operation has risen to flood revel since independence and<br>has maintained a steady growth.</p><p>The rationales behind the establishment of public<br>enterprises in Nigeria are many. Some to the reason include: generating revenue<br>that would add to available national capital for the support of development on<br>welfare programmes, making it impossible for important profitable enterprise to<br>be controlled by a few individuals or group, organizing certain critical<br>activities for national survival and economic stability and providing<br>employment opportunities (Ademotecum 1983)</p><p>&nbsp; &nbsp; &nbsp; However after a long period of growing<br>starts intervention in the Nigeria economy through public enterprises, the mid<br>1980’s. onward has sometimes and put policy. This has been brought by the<br>persistent has been running over the years. Consequently, there has been a<br>willingness to look at the alternative policy strategies for the achievement of<br>economic developments. As the fore front of the sea</p><p>Strategies in the minimization of the state in the<br>economic including privation of public enterprises.</p><p>In Nigeria public enterprises are engaged in a whole spectrum of economic activities including agriculture mining, constriction, manufacturing, commerce and other services. The classifications of public enterprises in Nigeria have been made according to a variety of criteria and by different authority. The public service review commission (1975:101) classified.</p><p>&nbsp; Public<br>sector into:</p><ol><li>public utilities</li><li>Regulatory or service body</li><li>Financial<br>institution</li><li>Commercial and industrial enterprises being a mixed<br>economy, individuals also own and operate enterprises. A firm is classified a<br>private enterprises when it is founded and managed by an individual and or a<br>group of individuals. The firms are operated within the local government.</li></ol><p>The rational for the establishment of private enterprise are numerous just like the establishment of public enterprise. They include among others, provision of employment opportunities, generating in come for the owners of the enterprises government is also interested in profit performance of the enterprises which determines the fax liability of the firm moreover the generate public are concerned with the sense of social responsibility which the business exhibits to the environment in which it is located and its within ness to contribute to the upliftment of the environment.</p> <br><p></p>