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SS3: ECONOMICS - 2ND TERM

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  1. Balance of Payment I | Week 1
    4 Topics
  2. Balance of Payment II | Week 2
    4 Topics
  3. Economic Growth & Development | Week 3
    1 Topic
    |
    1 Quiz
  4. Economic Development Planning | Week 4
    2 Topics
    |
    1 Quiz
  5. International Economic Organisations I | Week 5
    4 Topics
  6. International Economic Organisations II | Week 6
    6 Topics
    |
    1 Quiz
  7. Current Economic Plans | Week 7
    5 Topics
    |
    1 Quiz
  8. Economic Development Challenges | Week 8
    4 Topics
  9. Economic Reform Programs | Week 9
    5 Topics



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Vision statement ‘By 2020 Nigeria will be one of the 20 largest economies in the world able to consolidate its leadership role in Africa and establish itself as a significant player in the global economic and political arena”.

The previous administration had declared the intention to pursue the vision of placing Nigeria among the 20 largest economies in the world by 2020 and the current administration is committed to the attainment of this vision.

Nigeria’s economic potential is well recognized. It is the biggest economy in the West African sub-region. Given the country’s considerable resource endowment and coastal location, there is potential for strong growth. Yet Nigeria has realized very little of this potential.  

Previous efforts at planning and visioning were not sustained. The history of economic stagnation, declining welfare, and social instability, has undermined development for the past 30 years. But in recent years, Nigeria has been experiencing a growth turnaround and conditions seen right for launching onto a path of sustained and rapid growth, justifying its ranking among the 11 countries. These are the countries identified by Goldman Sachs to have the potential for attaining global competitiveness based on their economic, demographic settings and the foundation for reforms already laid.

Key Goals for Vision 2020

To attain this overarching goal of reaching the top 20 economies by the year 2020, the country will need to enhance her economic development performance as illustrated by the underlisted key parameters.

PolityBy 2020 the country will be peaceful, harmonious
and a stable democracy.
Macro-EconomyA sound, stable, and globally competitive economy
with a GDP of not less than $4000 Per annum.
InfrastructureModern and vibrant education system which 
provides for every Nigerian the opportunity and
facility to achieve his maximum potential and
provides the country with adequate and competent manpower.
HealthA health sector that supports and sustains a life
expectancy of not less than 70 years and reduces
to the barest minimum the burden of infections 
such as malaria, HIV/AIDS, and debilitating 
diseases.
AgricultureA modern technologically enabled agricultural 
sector that fully exploits the vast agricultural 
resources of the country ensure national food 
security and contributes significantly to foreign
exchange earnings.
ManufacturingA vibrant and globally competitive manufacturing
sector than contributes significantly to GDP with a
manufacturing value added of not less than 40%. 

Factors That Can Aid the Vision

1. Clear Definition of the Vision:  A clear definition that spells out the goals to be achieved in all the key sectors and aspects of the nation’s economic, social and political life is most essential.

2. Leadership Commitment: A national vision must be championed and passionately driven by the highest level of leadership. Belief in and commitment to the vision needs to be constantly reviewed by the Head of State, his principal lieutenants, and incorporated in every public address by the President.

3. Shared Ownership: The vision must reflect the key aspirations of all stakeholders. It is therefore imperative that the process of articulating the overall goals, key strategies should be seen to be transparently inclusive through the involvement of the broadest representation of stakeholder groups and socio-political perspectives.

4. Integrated Strategy: An integrated strategy which recognizes the interdependencies of the various facets of national life (economic, political, cultural, etc) should be in place.

5. Effective Strategic Plan and Framework: A clear logical frame and strategic plan for achieving the defined goals must be outlined and should have the following components: Purpose/Key Objectives; Outputs; Indicators; Activities/Programmes; Key assumptions and Risks.

6. Inclusive Development: There is a need to get people involved at all tiers in their own way and in a non-regimented manner with clear ownership and accountability.  

These include:

* Federal Executive Council

* National Economic Council

* National Assembly/Judiciary

* Three Tiers of Government

* Public/Private sector/NGOs/Traditional Institutions/Military 

7. Resources: Apart from the normal resources required to implement the plans and programmes for achieving the vision, it is also necessary to ensure that the human, financial and institutional resources required to develop the vision document and mobilize the people behind it are readily available. These would include a multidisciplinary team of resource persons with the necessary competencies to guide and coordinate the visioning process.

The key functions of the Business Support Group are to:

  • General Publicity, public opinion, and national buy-in
  • Mobilize Resources from the Private Sector
  • Organize fundraising activities to support
  • Provide Technical and Financial Support

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