SS 3 Economics

Before June 2004, Nigeria had a total of 89 banks with a network of 3,382 branches. However, the banking sector at that time had several structural and operational weaknesses, including the following: Limited capital base with a few dominant banks. Instances of insolvency and illiquidity. Overreliance on public sector deposits and foreign exchange trading. Poor […]

Poverty Poverty is frequently associated with the lack of material possessions owned by individuals. It can be defined as the absence of material ownership for a person. According to the World Bank, poverty is characterized by an individual’s income being below two dollars per day. Impacts of Poverty Poverty can lead to the following consequences:

The Millennium Development Goals (MDGs) consist of eight global development objectives that were formally established after the Millennium Summit of the United Nations in 2000. MDG Objectives Goal 1: Eliminate extreme poverty and hunger. Target 1: Reduce the proportion of individuals earning less than one dollar per day by 50% between 1990 and 2015. Target

ECOWAS Established on May 28th, 1975, in Lagos, Nigeria, the Economic Community of West African States (ECOWAS) comprises all 16 independent nations of West Africa. Abuja and Lome serve as its administrative and fund headquarters, respectively. The organization was founded under the leadership of General Yakubu Gowon and President Eyadena. Membership of  ECOWAS ECOWAS membership

The significance of economic development for any nation was highlighted. To achieve this, it becomes necessary to influence key economic factors such as production, distribution, inflation, and imports/exports in order to attain predetermined goals and objectives. Consequently, Economic planning can be succinctly defined as a conscious endeavour by the government to manipulate key economic variables

Economic growth and development Economic Growth: Economic growth is achieved by a nation when there is an expansion in production, resulting in an increase in the volume of national output (national income). This growth is observable through heightened income levels, a larger labor force, increased total capital stock, and greater trade and consumption activities. Economic

Balance of Trade The balance of trade refers to the comparison between a country’s total visible exports and its total visible imports. It is determined by the monetary value of these exports and imports. When the monetary value of visible exports equals the monetary value of visible imports, the balance of trade is said to

One of the ways in which our lives have improved on Earth today is through the practice of international trade, which allows for the division of labour on a national, regional, or territorial level. International trade, also known as foreign trade or external trade, involves the exchange of goods and services between two or more

Agencies that regulate the financial markets Regulatory Agencies for Money Market in Nigeria: Central Bank of Nigeria (CBN) Nigeria Deposit Insurance Corporation (NDIC) Central Bank of Nigeria (CBN): The Central Bank of Nigeria is the highest financial institution in the country and is responsible for overseeing and controlling monetary affairs and financial institutions. It was

Service Industries and Their Contributions to Economic Development Service industries, also known as the tertiary sector of industry, play a significant role in economic development. They involve the provision of various services to businesses and consumers. This article explores examples of service industries and highlights their contributions to economic growth. Examples of Service Industries: Tourism

Manufacturing industries involve the conversion of raw materials into new products through mechanical or chemical processes, either within a factory or at home. Types of Manufacturing Industries Manufacturing industries encompass various sectors that engage in the processing and transformation of raw materials from primary industries into finished goods. Examples include shoe-making, food processing, plastic processing,

Human Capital Development Human capital refers to the collection of skills, training, experience, education, knowledge, technical know-how, and competencies contributed by individuals to the production process. Characteristics of Human Capital Mobility: Human capital can move and be employed in different locations or organizations. Skillfulness: Human capital possesses specific skills and expertise relevant to their respective

ECONOMIC HISTORY OF THE ASIAN TIGERS AND JAPAN (1960-2000) The Asian Tigers, comprising Hong Kong (China), Taiwan, Singapore, South Korea, and Indonesia, experienced remarkable economic growth from 1960 to 2000, earning them the name “Asian Miracles.” These countries displayed a strong commitment to developing their economies, both regionally and globally. Additionally, they prioritized regional economic