MANUFACTURING

In line with the reform policy, the public sector business enterprises were slated for privatization or commercialization, and were encouraged to patronize the domestic capital market where necessary.  They were subject to comprehensive review and overview by the Technical Committee for Privatization and Commercialization (TCPC), which was transformed by Decree no. 78 of August 1993 into the Bureau of Public Enterprises (BPE) with its own management board. A total of 55 public enterprises, including nine banks, were privatized, mainly through public offers on the Nigeria Stock Exchange, yielding a gross revenue of N3.7 billion on an original investment estimated at N650 million. This left a balance of 20 enterprises to be privatized and four to be commercialized under the program.