International Economic Organization SS3 Economics Lesson Note

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

1. Give examples of international economic organizations and state their aims and objectives

INSTRUCTIONAL TECHNIQUES: 

• Identification, 
• explanation, 
• questions and answers, 
• demonstration, 
• videos from source

INSTRUCTIONAL MATERIALS: 

• Videos, 
• loudspeaker, 
• textbook, 
• pictures

NOTE

ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS)

Ecowas is a sub-region organization formed by fifteen West African countries in 1975. Lagos was originally its headquarters before it was moved to Abuja. It now has sixteen member states as a result of the inclusion of Cape Verde. Ecowas’ main aim is to promote economic cooperation among members geared towards the development of the sub-region and African continent.

Aims and Objectives of ECOWAS

1. Promotion of cooperation and development among member nations. This is the major reason behind the formation of ECOWAS; the need for co-operation and development. This development agenda was envisioned to cut across all sectors of each of the member states’ economies. The result of this is to raise the standard of living of citizens of member countries.
2. Harmonization of Policies. The commission also aims at harmonising the different sectoral policies of member states, for example, harmonisation of agricultural policies, harmonisation of monetary policies, etc.
3. Abolition of Obstacles to free movement. Ecowas aims to encourage the free movement of citizens from one member state to another.
4. Abolition of Trade Restriction. Ecowas also aims to make sure that goods and services are not subjected to quantitative and administrative restrictions among member states.
5. Establishment of a common Tariff. ECOWAS also aim at establishing a common tariff and a common commercial policy between member country

ECONOMIC COMMISSION FOR AFRICA (ECA)

The Economic Commission for Africa (ECA) was founded in 1958 as an organ of the United Nations. It aims to continually contribute to the development of Africa. Below are all of its aims and objectives succinctly stated-

1. To Promote the social and economic development of Africa as a whole
2. To conduct economic research and provide useful conclusions that will help Africa develop
3. To aid the acceleration of economic integration of the African sub-region
4. ECA helps in the establishment of Africa Development Bank
5. To contribute to the training of economic manpower that aids economic development.

INTERNATIONAL MONETARY FUND (IMF)

The International Monetary Fund [IMF] was established in 1944 after a modification of the Gold Currency Standard. Its headquarters is in Washington DC, United States of America and its aims and objectives are enumerated below-

1. To serve as a clearing house for member nations.
2. To promote international monetary cooperation and the expansion of international trade.
3. To give advice and help member nations.
4. To eliminate exchange controls
5. To contribute to the development of member nations.

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT WORLD BANK

The IBRD, also known as the World Bank is an international financial institution and an organ of the United Nations, established with the main objective of providing developmental funds (in the form of loans) to underdeveloped countries of the world.

Aims and Objectives of IBRD

1. To assist in the reconstruction of territories affected by World War II
2. To provide technical assistance to member nation
3. To promote private foreign investment by supplementary private investment when private capital is not readily available on reasonable terms.
4. To help raise the standard of living in underdeveloped countries.
5. Tom promotes international trade and balance of payment

 AFRICA DEVELOPMENT BANK

The Africa Development Bank was established in 1964 to finance developmental projects in Africa. It has its headquarters in Abidjan, Ivory Coast (i.e., cote d’ivoire).

Below are its aims and objectives-

1. To grant loans to member states and private firms to accelerate economic activities that will lead to Africa’s development.
2. To promote development projects that will facilitate the economic development of African countries.
3. To provide technical assistance for developmental projects and programmes embarked upon by member states.
4. Provision of funds for the supply of infrastructural facilities like electricity, water, etc.
5. To contribute to the economic integration of African countries.

 ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC)

OPEC was established in 1960 by five oil-exporting countries. It now has thirteen countries as members. Its main objective is to protect the interests of its members and form an economic bloc. Read more of its aims below-

1. Stabilization of the price of oil in the world market.
2. It fixes and allocates production quota member states
3. It protects its members from being exploited by multinational oil company
4. Stabilization of oil income of member states.
5. To ensure a steady supply of goods of oil to consuming nations.

 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (UNCTAD)

UNCTAD was established in 1964 to complement the activities of the General Agreement on Tariffs and Trade. It has its headquarters in Geneva, Switzerland. Here are its aims and objectives-

1. To promote international trade.
2. To help the poor nation solve their balance of payment problem.
3. To aid economic development.

 GENERAL AGREEMENT ON TRADE AND TARIFFS

GATT was an agreement among multilateral countries which was aimed at regulating international trade. GATT was signed in October 1947 by twenty-three countries in Geneva, Switzerland and lasted till April 1994. Here are the aims and objectives GATT hoped to actualize-

1. To regulate and expand international trade
2. Raise the standard of living of the world
3. Development and full utilization of the world’s resources
4. To come up with a tariff that benefits both developing and developed nations.

EVALUATION

1. Give three examples of international economic organizations stating their aims and objectives

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively