Economic Lessons from Asian Tigers, Japan, Europe and America II – SS3 Economics Lesson Note (First Term)

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

1. Discuss some of the lessons for the Nigerian economy

Instructional techniques: 

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

Instructional materials: 

• Videos, 
• loudspeaker, 
• textbook, pictures

NOTE

Lessons for the Nigerian Economy

1. Focus on exports: Whereas other developing countries use import substitution strategies for economic development, the Asian tigers focus on export-oriented industrial development to richer countries. Domestic production was discouraged through government policies such as high tariffs and also trading the surplus with the richer countries.
2. Human capital development: They developed specialized skills for their personnel to improve productivity through raising their educational standards.
3. They had an abundance of cheap labor. This is highly needed for economic development.
4. Existence of an adequately developed financial system: An adequately developed capital market would ensure adequate mobilization of capital for industrial and economic development.
5. Maintaining social and political stability together with a stable macroeconomic environment,
6. High tariffs on imports in the early days discourage imports and encourage exports.
7. Leadership that is interested in the welfare of the citizens would motivate labor to work hard, thereby raising the level of productivity.
8. High saving rate will increase the rate of capital formation. This should be done by private institutions and the government instead of spending prestigious non-productive projects.
9. Development of export industries and promotion of certain basic industries that produce competitive goods for the world market.

 EVALUATION:    

1. What are the lessons Nigeria will need to learn from the Asian Tigers Economy?
2. What strategies were employed by the Asian Tiger?

 CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively