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Nigeria began a process of accelerated reform of the key sectors of the economy to align with its changing status from a military government to an emerging democracy in 1999. This was in the realization that political democracy without attendant economic democratization would not yield the desired growth.
Customarily, the reform and liberalization of any economy involves several major steps, some of which include: formulating new policies; establishing a new legal and regulatory framework; structural changes to the sector and the institutional operatives; and the privatisation or commercialisation. The core mandate of thesecommittees included: Formulation of sector policies to promote competition, efficiency and transparency in the sector; Formulation of proposals for the attraction of private financing and investment in the sector;Overseeing the activities of the various government agencies, parastatals and operators in the sector; Formulation of proposals for the restructuring and liberalization of the sector; Protection of the rights and interests of service providers and consumers;...
In Nigeria, no such legislation existed, which meant that there existed a clear potential for unfair trade practices with full liberalization of the economy. Accordingly, the NCP set up theSteering Committee on Pension Reform; Steering Committee on Resolution and Determination of Cross Debts and Steering Committee on Competition and Anti-trust Reform. All the committees worked in accordance with their mandate and produced reports for theFederal Government.
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