The Nigeria National Economic Council (NEC) | Functions, Aims & Objectives The National Economic Council first came into existence under the 1979 Constitution. The council advises the President on economic matter affecting federal and state governments in Nigeria. The members of the council which is headed by the Vice President are state...

The term nationalisation refers to public ownership and control of business enterprises formerly owned by private interests. In other words, nationalization may be defined to as the taking over of transfer from private to state or government, and the ownership and control of business enterprises for economic, social and political reasons.