An imperfect market may be defined as a market in which prices of goods or services can easily be influenced by the sellers or buyers. In other words, an imperfect market is a market situation in which the force of demand and supply do not operate freely.                 […]

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Before June 2004, there were 89 banks in Nigeria with 3,382 branches network.  The banking sector was characterized with structural and operational weaknesses such as: Low capital base: Dominance of a few banks. Insolvency and illiquidity Over dependence on public sector deposit and foreign exchange trading. Poor asset quality. Weak corporate governance – A system […]

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Poverty is often used in conjunction with material possessions that belongs to people. it is defined as a lack of a material possession belonging to a person. According to the world bank, poverty is defined to a situation where ones income is below two dollars per day. EFFECT OF POVERTY Poverty can lead a person […]

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The millennium development plans are eight international development goals that were officially established following the millennium summit of the United Nations in 2000. OBJECTIVE OF MDGs Goal 1: Eradicate extreme poverty and hunger. Target 1: Half of the population between 1990 -2015 whose income is less than one dollar a day be reduced. Target 2: […]

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What is ECOWAS?: The Economic Community of West African States was founded on May 28th 1975 in Lagos, Nigeria.  It comprised all the 16 independent nations of West African.  Abuja and Lome serve as the administrative and fund headquarter respectively.  The body was formed under the leadership of General Yakubu Gowon and President Eyadena.  MEMBERSHIP […]

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As discussed in Week 2 and 3 respectively that economic development is an essential feature of any country. In achieving this, there is need to influence some principal economic variables such as production, distribution, inflation, import and export in order to achieve a predetermined goal and objectives.  Then Economic planning can be simply defined as […]

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Economic Growth: A country is said to achieve economic growth when there is an increase in the volume of National output (National Income) arising from an expansion in production.  When there is economic growth, it shows in the form of an increase in income level, an expansion in the labour force, an increase in the […]

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BALANCE OF TRADE Balance of Trade – This is the comparison of a country’s total visible exports with her total visible imports.  When visible exports with her total visible imports in monetary terms are equal we have Balance of Trade.  A positive or favourable Balance of Trade – means that a country is exporting more […]

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International Trade Advantages International trade generates the exchange of goods and services among the nations of the world to mutual advantages of all participating countries. Promotion of economic development. International trade provides employment opportunities. It enhances international specialization. It leads to increase in world output. International trade promotes friendship among nations of the world. International […]

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One way by which we live better on earth today is because international trade permits national, regional or territorial division of labour to be practiced.  International trade also known as foreign trade or external trade involves the exchange of goods and services between two or more countries. TYPES OF INTERNATIONAL TRADE There are two major […]

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Agencies that regulate money market Central Bank of Nigeria (CBN) Nigeria Deposit Insurance Corporation (NDIC)   CENTRAL BANK OF NIGERIA The central bank is the apex financial institution in a country which is responsible for the management, supervision and control of monetary affairs and financial institutions of the country.   Before independence of most of […]

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SERVICE INDUSTRIES This is also known as the tertiary sector of industry.  It involves the provision of services to business as well as to the final consumers.Service involves doing something for the consumers, which could be personal or indirect services.   EXAMPLES OF SERVICE INDUSTRY Tourism attraction: This is concerned with all the activities of […]

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MANUFACTURING INDUSTRIES Manufacturing refers to the turning of raw material into new products by mechanical or chemical processes at home or in the factory. Manufacturing industry is concerned with the activities of those who engage in processing and turning raw material produced in the primary industries into finished product. Examples shoe making, food processing, plastic […]

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Petroleum was discovered in commercial quantity in 1956 by shell BP at Oloibiri in the present River State.  Ever since 1976 till date, petroleum has remained the major source of government revenue in Nigeria.   POSITIVE CONTRIBUTIONS OF PETROLEUM TO NIGERIA ECONOMY Petroleum serves as sources of revenue to the country. Employment generation e.g. petroleum […]

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HUMAN CAPITAL Human Capital refers to the skills, training, experience, education, knowledge, technical know-how and competencies contributed by humans to production process.   Human capital is an important factor of production. It is the value that is added into a company by an employee which can be measured by the employee’s skills and competencies of […]

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ECONOMIC HISTORY OF THE ASIAN TIGERS AND JAPAN (1960-2000) The term Asian Tiger refers to a group of countries in the south east of Asia which includes Hong Kong which is the administrative zone of China, Taiwan, Singapore, South Korea and Indonesia from 1960 to the year 2000, these Asia Economies did something miraculous hence […]

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