Jss 3 Scheme of work Social Studies Second Term Week 5

Subject  Social Studies

Class : Jss 3 Year 9 

Term :  Second Term

Instructional Materials :  

Behavioural Objectives : AT THE END OF THE LESSON PUPILS SHOULD BE ABLE TO 

  1. Explain what is economic reform?
  2. Mention three types of economic reform measures in Nigeria.
  3. Define the following terms: privatization, commercialization and deregulation

WEEK 5

DATE ____________________

TOPIC:ECONOMIC REFORM MEASURES IN NIGERIA

CONTENT: 1. Meaningof Economic Measures and Its Types in Nigeria:

privatization, commercialization, deregulation.

  1. Reasons for the economic measures

Sub-Topic 1:Meaning of Economic and its Types in Nigeria: Privatization,

Commercialization and Deregulation.

Definition of economic reforms.

Economic reforms can be defined as government policies geared towards achieving economic efficiency and improvement through removal of regulations and statutory obstacles or impediments.

The aim of privatization is to bring private entrepreneur to be involved in the running of public enterprises in order to generate more funds for government businesses and revive the economy.

Types of economic reform measures in Nigeria.

1.Privatisation – this is the transfer of ownership and resources of business from the public sector ( government) to the private sector. It can also be defined as sales or contracting out of public utilities to private concerns.

Privatization comes in three forms namely:(i) share issue privatization (SIP) – this is shares selling on the stock market. (ii) voucher privatization (VP) – distribution of shares ownership to all citizens,usually free or at low price. (Iii) asset sale privatization (ASP) –selling the entire firm or part of it to a strategic investor by auction.

  1. Commercialization– This involves operating government owned enterprises as profit making enterprise/ venture without any subvention or aid from the government.

The commercialized public enterprise is encouraged to operate to make profit and sustain their operations: in every form of commercialization be it partial or full commercialization, the enterprise involved will enjoy freedom of operation as a profit-making venture.

  1. Deregulation – simply put, deregulation is the removal of certain governmental control over a sector of the economy in order to encourage free market. It is the elimination or reduction of government control over a sector of the economy in order to allow as many people as possible to participate in the running of the sector involved.

Evaluation

  1. What is economic reform?
  2. Mention three types of economic reform measures in Nigeria.
  3. Define the following terms: privatization, commercialization and deregulation

Sub-Topic 2: Reasons for Privatization, Commercialization, Deregulation.

Prior to the recent reforms, Nigerian public sector was under performing and imposed a significant financial drain on the treasury,: few concrete benefit, high cost of management, poor management , hidden and overt corruption, repeated losses within the public sector plagued the sector. Privatization of these state- owned businesses and deregulation of government activitiesin some sectors, was therefore required to:

  1. improve the efficiency and productivity of the government- owned enterprises involved
  2. get private entrepreneurs involved in the activities of a government- owned business / enterprise in order to get more fund to run government business.
  3. stabilize the Nigerian economy
  4. provide a platform for sustained economic diversification and non- oil growth
  5. Curb corruption
  6. reduce the financial cost of management on the federal government
  7. evolve a more result- oriented and accountable management
  8. revive the unstable economy of the nation
  9. remove bureaucratic bottlenecks and political interference.

Evaluation:

Mention 5 reasons for economic reform measures in Nigeria.

Weekend Assignment:

  1. The transfer of ownership of a business from the public sector to the private sector is known as _________
  2. relinquishment ( b) private business (c) privatization (d) commercialization.
  3. Reasons for economic reform measures in Nigeria include all but one of these
  4. To increase productivity and availability of goods (b) to promote efficient management of the enterprises. (c) to encourage corruption (d) to remove bureaucratic bottlenecks and political interference.
  5. __________ involves operating government owned enterprises as a profit-making venture. (a) commercialization

(b) commensalism (c) cooperation (d) deregulation.

  1. the two forms of commercialization are __________and __________

a) privatization and deregulation

(b) partial and full commercialization

(c) capital and current commercialization

(d) government owned commercialization.

  1. deregulation is ____________(a) removal/ reduction of government

control over a sector of the economy.

(b) removal of tax and excise duties

(c) elimination of the government from national power

(d) eradication of laws against fraud.

Reading Assignment:

Pg 37- 42 Macmillan JSS social studies bk 3 by Orebanjo et-al.

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