WAEC - Government (2019 - No. 41)
The removal of government direct control and monopoly in manufacturing and service sectors is called __________
privatization
specialization
commercialization
decentralization
Explanation
Privatization refers to the transfer of ownership, control, or operation of a business, enterprise, or industry from the government to the private sector. It involves reducing government involvement and allowing private individuals or entities to take over the management and ownership of previously state-owned assets, such as companies, utilities, or services. This transition is often undertaken to enhance efficiency, encourage competition, and improve overall economic performance.