ECONOMIC REFORM MEASURES IN NIGERIA\u00a0\u00a0 The Nigerian economy, over the years, has depended on oil for survival. The public organizations have not been able to live up to expectation. Government spends heavily yearly to ensure these government organizations such as NEPA, NITEL, NRC, etc are productive but they remain inefficient. Because of this persistent poor performance, the government decided to embark on a national economic reform programme called National Economic Empowerment Development Strategy (NEEDS). At the state level it is called State Economic Empowerment Development Strategy (SEEDS) while at the local government level it is known as Local Economic Empowerment Development Strategy (LEEDS). The key policies of the reform were privatization, deregulation and commercialization. PRIVATIZATION Privatization is the process of taking over government business by private sector, businessmen or individuals. The implication is that government ceases to own and control the business instead the private sector or individuals take over the management and control of the business. REASONS\/ADVANTAGES OF PRIVATIZATION \tTo ensure efficiency and good management. \tTo bring about competition necessary for improved service delivery. \tTo provide better welfare package for workers. \tTo curb corruption and wastage. \tTo allow for speedy implementation of policies and decisions. \tTo encourage innovation, creativity and the use of technology. 7. To discourage interference of politicians. \tTo encourage and promote investment. DISADVANTAGES OF PRIVATIZATION \tIt can lead to increase in prices. \tIt can cause unemployment in the country \tIt can lead to unhealthy competition and rivalry. \tIf not properly checked, it can breed corruption. \tIt promotes exploitation particularly at the early stage. \tIt makes the government redundant. \tIt makes the few rich to get richer. COMMERCIALIZATION Commercialization is the management of public or government businesses like private enterprises in order to make profit. Commercialization enables the government enterprises to generate sufficient funds for its operations and also make profit. REASONS\/ADVANTAGES OF COMMERCIALIZATION\u00a0 \tTo promote profitability. \tTo help reduce wastage. \tTo promote accountability in the conduct of business. \tTo reduce government expenditure. \tTo ensure effective provision of services. DISADVANTAGES OF COMMERCIALIZATION \tIt can lead to increase in prices. \tThe poor may get poorer for inability to pay for services. \tIt can lead to exploitation of the masses. \tIt encourages class system and inequality. 5. Undue government interference can affect productivity.