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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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Lesson Progress
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The development planning of Nigeria dates back to the colonial days, that is the pre-independence period. Nigeria’s first development plan experience can be traced back to the term year plan of development and welfare 1946-1955. This plan was drawn up and executed by the colonial civil servant which was considered unsystematic, because it was highly centralized and recent to goods colonial investment projects, development and welfare funds. Though there were other economic programmes of government but these were not really considered as economic development plans as they were revised in 1958 and extended to 1962.

Post-Independence Development Plans (The First National Development Plan (1962 – 1968)

The first comprehensive and integrated national development plan was launched in 1962 envisaged a total investment and half of this amount was to come from external sources which were to cover the entire country. The amount of ₦8,872 million was the total proposed expenditure for the period. A total fund investment of ₦2.4 billion was estimated.

The Second National Development Plan (1970 – 1974)

The political crisis of 1966 and the outbreak of the civil war in 1967 brought this first National Development plan to an inconclusive end. The crisis and the war also delayed the formulation and implementation of the second National Development Plan which was launched in 1970 and envisaged a total investment of ₦2billion, which was later revised to ₦3.27billion. As at this time the plan was aimed at a capital expenditure of ₦3,084 million, of the sum ₦1,560 million was allocated to the public sector while the private sector received ₦1,524 million

The Third National Development Plan (1975-1980)

This plan was officially launched in March 1975 initially and envisaged a total investment of ₦10.7billion, with the projected expenditure of ₦30 billion. The plan was revised in 1977 with the projected expenditures increased to ₦43.3 billion. The revision of this plan became inevitable as a result of the change of government in July 1975 and the February 1976 creation of more states.

The Fourth National Development Plan (1981 – 1985)

This plan was formally launched on 12th January 1981 by the then president Alhaji Shehu Shagari. This fourth plan which was not much different from the third plan in terms of structure and philosophy had a total projected expenditure of ₦82 billion, of this amount ₦70.5 billion went to the public sector, while ₦11.5 billion was allocated to the private sector.

Problems of Development Planning in Nigeria

i. Monoculture nature of the country: Over dependence on crude oil

ii. Lack of efficient man-power and technology

iii. Misappropriation and corruption in the public offices

iv. Inadequate agricultural machines and equipment

v. Lack of proper implementation of policy and planning for development

vi. Inflation

Evaluation Questions

1. Why do we have low level of success of National Development plans 

2. List three objectives of Nigeria development plans

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Responses

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Evaluation questions

1. Why do we have a low level of success of National Development plans 

2. List three objectives of Nigeria development plans

Solution

1. Why do we have a low level of success of National Development plans

a. Wrong planning and execution

b. Inadequate capital

c. Bad management of resources

d. Wrong statistical information

e. Bureaucratic delays

f. Inadequate manpower

g. Political instability

2. List three objectives of the Nigerian development plan

a. To provide a guideline in the allocation of resources

b. To give priority to vital projects that are considered very necessary for economic growth and development

c. To ensure the effective and efficient use of scarce resources

d. To accelerate economic growth and development

e. To diversify the economy

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