Explain any four of the following terms:
(a) Nationalization
(b) Commercialization
(c) Privatization
(d) Indigenization
(e) Joint Ventures.
Explanation
(a) Nationalisation; is a deliberate policy by which governments take over the control and ownership of private enterprises due to economic, political, social or strategic reasons.
(b) Commercialisation; is a policy geared towards making state owned enterprises to become more efficient and profit oriented. The policy makes it possible for public enterprises to become more viable and effective.
(c) Privatization; is a policy designed to enable individuals and private or corporate organizations take over the owner-ship and control of government businesses such as public companies and corporations.
(d) Indigenisation; is the process through the use of law in which indigenes of a country are made to participate actively or to take control of the commercial, industrial and other sectors of the economy.
(e) Joint ventures; are those businesses in which private investors and governments are in partnerships.