Public Sector Corporations At Cross-Roads Between Revitalization and Privatization The public sector in the Third World countries has, unlike the case in developed countries been established to bring about accelerated socioeconomic development. It has thus been envisaged as an instrument of social development and social equity. The public corporation which has been adopted by most developing countries as the main instrument of the public sector is endowed with in-built mechanisms that are intended to enhance its efficacy and productivity. So much so that any problems facing the public sector projects could more likely be traced back to external factors, rather than to inherent or internal defects in the structure or systems of the public corporation. Since the public sector, still has a major role to pay in socioeconomic development, privatization should be carried out discreetly and selectively.Public enterprises that are of strategic nature to the economic well-being of the people's of those countries should not be privatized. Moreover, privatization should be carried out according to an overall strategy that forms in its turn part of the national plan for socioeconomic development of the respective country. Also caution should be taken against sticking to the narrow interpretation of privatization that confines it only to change of ownership. On the contrary adherence to privatization as indicating the implementation of private sector techniques, free and competitive markets and adherence to the dictates of supply and demand to both public and private sectors is a better guarantee of success. Privatization should more-over be institutional and based on scientific and objectives studies that would gradually lead, to well determined and attainable objectives. All said, privatization should not, by any stretch of the imagination be viewed as a panacea, but only a step in the right direction, if that.