Public enterprises in Nigeria were established to propel socio-economic development and to guard against the control of the economy from foreign domination and exploitation. This accounts for why a larger proportion of the national budget has been voted for the creation and sustenance of public enterprises. In spite of this, the performance of public enterprises has been replete with varying contradictions. The public enterprises reform was an integral part of the Structural Adjustment Programme (SAP) in 1986. This paper tries to review the public enterprises reform and make suggestions for the sustainability of the reform in Nigeria.