Economic Reform Programmes SS3 Economics Lesson Note

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

1. Define economic reforms
2. Discuss some reforms that could take place in Nigeria
3. Discuss the roles of some government agencies in economic reforms

INSTRUCTIONAL TECHNIQUES: 

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

INSTRUCTIONAL MATERIALS: 

• Videos, 
• loudspeaker, 
• textbook, 
• pictures

NOTE

ECONOMIC REFORMS PROGRAMMES

Economic Reforms are policies adopted towards achieving improvement in the economy. The policies can either be aimed at reducing the size of the government or privatising government-owned firms. It can also be about re-adjusting tax policy

EXAMPLES OF ECONOMIC REFORM PROGRAMMES

1. Consolidation of the Financial Institution

The Consolidation of the Financial Institution as introduced by then Central Bank of Nigeria (CBN) Governor Prof. Charles Soludo 2005 mandated every bank to have a minimum capital base of twenty-five billion naira. This led to various mergers and acquisitions among and between various banks. This drastic [positive] measure has helped to sanitize Nigeria’s banking sector, ultimately making it more effective and efficient such that Nigerian banks can now compete with banks at the international level.

2.Privatisation and Commercialization

Privatization is a situation whereby organizations that the government formerly owns are sold to private individuals ( e.g. when NEPA was privatized and is now EEDC).

Commercialization can also mean making state-owned and highly subsidised enterprises more profit-oriented. State-owned enterprises are ideally not meant to be overtly profit-minded. But when they are commercialised, they can finally operate as private firms and profit.

3. Indigenization and Nationalisation

Indigenization can be defined as reducing or eliminating foreign ownership of firms in a country. 

Nationalization is the direct opposite of privatisation. It is a situation where the government now owns an organisation formerly owned by private individuals.

SOME GOVERNMENT AGENCIES THAT COULD HELP BRING ABOUT ECONOMIC REFORMS

1. EFCC and ICPC

Economic and Financial Crime Commission is an anti-graft agency saddled with the responsibility of investigating and prosecuting individuals accused of economic and financial crimes.

Independent Corrupt Practices and Other Related Offences Commission is a wider anti-graft agency responsible for prosecuting charges alleged against individuals which are social, economic and marital.

2. The National Agency for Food and Drug Administration and Control is an agency saddled with the responsibility of ensuring that food and drugs locally produced or imported meet acceptable standards before they are sold to final consumers. NAFDAC achieve this objective by visiting local production firms and also running a test on random samples of different local and foreign products in its laboratory.

3. Standard Organization of Nigeria (SON)

SON is an agency that ensures standards for locally produced or imported goods. SON has the same responsibility as NAFDAC. The major difference is that whereas theirs is on a larger scale, NAFDAC’s jurisdiction is limited to food and drugs alone. Succinctly put, SON is a government agency saddled with the responsibility of ensuring that all goods locally produced or imported are of acceptable standards before they are sold to final consumers

EVALUATION

1. Define economic reforms
2. State and explain two economic reform programmes that have taken place in Nigeria
3. Discuss two agencies that could help to bring about economic reforms and their roles

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively