Jss 3 Week 3 Social Studies Second Term SECTORS OF THE NIGERIAN ECONOMY

WEEK 3

Date…

TOPIC: SECTORS OF THE NIGERIAN ECONOMY

CONTENT: 1. Meaning of a sector of an economy and Sectors of the

Nigerian economy

2. Importance of the Different Sectors of the Nigerian

Economy

SUB-TOPIC 1: MEANING OF A SECTOR OF AN ECONOMY

Sector refers to a part of an area of activity, especially of a country’s economy. Sectors of an economy refer to parts or areas of economic activities of a nation. The various areas of production of services with their respective resources are referred to as sectors of an economy.

SECTORS OF THE NIGERIAN ECONOMY

Broadly speaking, sectors of Nigerian economy can be sub-divided into the private sector and public sector. The various sectors of the Nigerian economy include: agriculture, education, petroleum (energy), power, telecommunications, postal services, etc.

1. PRIVATE SECTOR OF NIGERIA ECONOMY: The private sector of the Nigerian economy consist of the following three major sectors:

1. Primary sector
2. Secondary sector
3. Tertiary sector

PRIMARY SECTOR: The primary sector of Nigerian economy has to do with economic activities that involve extracting raw materials from the land or ground. Examples of economic activities in the primary sector of Nigerian economy are: fishing, farming (agriculture), quarrying, forestry, lumbering, hunting, mining (minerals).

SECONDARY SECTOR

The secondary sector has to do with economic activities that involve conversion of raw materials into finished products. This includes activities such as manufacturing, processing, construction and generation of electricity from various sources.

TERTIARY SECTOR

The tertiary sector deals with economic activities like trading, banking, insurance, education, communication, transportation and other activities in which people provide services. Examples are the civil service and similar operations.

1. PUBLIC SECTOR OF THE NIGERIAN ECONOMY: The public sector of the Nigerian economy also includes some sections of primary and secondary sector of the Nigerian economy. However, the public sector of the Nigerian economy is more rooted or found more in the tertiary sector of the economy. It include quaternary sector which deals with researches carried out in the tertiary institutions of learning.

Predominantly speaking, the public sector of the Nigerian economy which are also called sub–sectors and they include the following:

1. Nigerian Postal Service (NIPOST)
2. Nigerian Telecommunications (NITEL)
3. Power Holding Company Nigeria (PHCN)
4. Nigeria Television Authority (NTA)

Etc.

SUB-TOPIC 2: Importance of the Different Sectors of the Nigerian

Economy

IMPORTANCE OF THE PRIMARY SECTOR TO THE NIGERIAN ECONOMY

• Provision of food
• Provision of shelter
• Provision of clothing
• Provision of raw materials for industries
• Provision of employment
• Provision of foreign exchange exchange earning
• Source of income
• Rural development

IMPORTANCE OF THE SECONDARY SECTOR TO THE NIGERAN ECONOMY

• Serves as a source of employment to both skilled and unskilled labour
• Serves as foreign exchange to both individuals and government
• Develops the industries of a particular of a country

IMPORTANCE OF THE TERTIARY SECTOR TO THE NIGERIAN ECONOMY

• Provides employment opportunities to the citizens of the country
• This sector manages the wealth of the country e.g. banking
• Individuals, groups, and government make their wealth from this sector
• Harnesses primary and secondary sectors of the economy.

EVALUATION:

1. What do you understand as the sector of a country’s economy?
2. Mention the different sectors of the Nigerian economy
3. Enumerate the importance of different sectors of the economy

READING ASSIGNMENT:

WEEKEND ASSIGNMENT:

ObjectiveTest:

1. ———– refer to parts or areas of economic activities of a nation.
2. Sectors of an economy (b) diversification of an economy (c) mono-economy (d) multiple economy
3. Broadly speaking, sectors of Nigerian economy can be subdivided into ———– and ————–
4. Personal sectors and societal sectors (b) Private and public sectors (c) Southern sectors and Northern sectors (d) Rural sector or Urban sector
5. ————- involves activities that extract raw materials from the soil, sea and from the space .
6. Tertiary sectors (b) Secondary sectors (c) Primary sectors (d) Quaternary sectors
7. ———– has to do with economic activities that involve conversion of raw materials into finished products.
8. Primary sectors (b) Secondary sectors (c) Tertiary sectors (d) quaternary sectors
9. ———— deals with economic activities like trading, banking, insurance, education, communication, transportation, and other activities in which people provides services.
10. Tertiary sector (b) Private sector (c) Secondary sector (d) Intermediate sector