Abstract

This paper focused on the challenges and prospects of private sector organizations as the main engines of
economic growth and development in Nigeria. It discussed the concepts of organization, the prospects and
challenges of private sector-led growth in Nigeria. The study examined the current business environment and
discussed ways of encouraging the private sector organizations in Nigeria to act as a catalyst of economic growth
and development. The paper posits that to achieve a desired sustainable private sector led growth of the economy,
it is imperative for government to continuously put in place policies and programs that will encourage private
sector participation and contribution to the development process. Finally it concluded that there is growth in the
financial performance of private sector organizations and its sustained prospects and success hinged on all those
series of initiatives and policies of the government to advances private sector led growth and transform the
country into an economy that is robust, stable, dynamic, export-led and competitive.

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