Nationalization of an industry means that its ownership becomes that of

Assessment: JAMB UTME - Commerce - 1994 Subject: Commerce

Question 1 Report

Nationalization of an industry means that its ownership becomes that of
Answer Details
Nationalization of an industry means that the ownership of the industry is transferred from private individuals or organizations to the government of the country. In other words, the government takes over the control and management of the industry, which was previously in private hands. This could be done for various reasons, such as to protect national interests, to regulate the industry, or to ensure equitable distribution of resources. So, the correct answer is "government".
Read lesson note on Occupation (JAMB)
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