International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

Impact of Privatisation on Employee Job Security in Indorama-Eleme Petrochemical Company Limited, Eleme, Rivers State, Nigeria.
Olowu Daudu Malachy; Orji, Marcus Garvey

Privatisation is an umbrella term to describe a variety of policies, which encourage competition and emphasize the role of market forces in place of statutory restrictions and monopoly powers. This research work has the objective of assessing the impact of privatisation on job security in Indorama-Eleme Petrochemical Company Limited Eleme (IEPCL), Rivers State, Nigeria. The study is an empirical research designed in line with case study method. Secondary sources of data were mainly used, and data was analysed using content analysis. The study found that privatszation of Indorama-Eleme Petrochemical Company Limited has enhanced employees welfare and job security. There is a positive relationship between privatisation of the company and increase in revenue generation and tax returns to Nigerian Government. The study also found that there is a relationship between IEPCL privatsation and employee job performance, efficiency and effectiveness. The study concluded that the success of privatisation should not be judged based on ideological principles of government or the nation, but based on performance factor of the company involved and long run effect. .It recommended that employees should be trained for requisite skills and prepare for redundancy before privatisation instead of leaving them at the mercy of new owners, in case success is not recorded immediately after the programme, and Privatisation of high technology based companies like Indorama Eleme Petrochemical Company Limited should be further encouraged and implemented in Nigeria. Because it will increase technology transfer to our indigenous people, increase taxes and revenue to government, and enhance our march towards industrialization and fulfillment of vision 20 20 20.

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