Nigeria’s neo-liberal reform and privatization programme of State Owned Enterprises promoted toward industrialization failed because they were prematurely privatized under a dysfunctional state and controlled by extractive political institution whose agenda is to secure rent. Public firm is a product that must evolve through the Product life cycle stages and can only be privatized at maturity stage where the firm has outgrown threats from market externalities. The objective of this study is to establish the high failure pattern associated within the product life cycle timeframe template that cut across privatized firms in Nigeria, using DSC as a case study. The study adopted Focus Group Study as methodology and Institutionalist Political Economy (IPE) serves as theoretical framework to justify state- market relationship captured in developmental crisis. Successful privatization requires building strong political and bureaucratic (regulatory) institutions that are democratic, inclusive, observe corporate governance (rule of law), accountable and responsible
Keywords: Industrialization, Institution, Neo-liberal reform, Privatization and Rent Seeking
